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Proposed Legislation Foreign Corporations

Kelley Drye & Warren LLP

Proposed Section 899 - The Retaliatory Tax Regime

The One Big Beautiful Bill Act (the ​“Bill”), which was passed by the House of Representatives on May 22, 2025, contains a provision that, if enacted in its current form, would have a dramatic impact on the U.S. tax treatment...more

Gordon Rees Scully Mansukhani

Illinois Senate Bill 328: Expansion of General Jurisdiction Over Foreign “Out-of-State” Corporations in Toxic Tort Cases

On May 31, 2025, the Illinois General Assembly passed Senate Bill 328 (SB 328), which introduces a targeted expansion of general personal jurisdiction in Illinois civil litigation. The bill amends Section 2-209 of the...more

Vinson & Elkins LLP

Senate Draft Tax Provisions Impacting REITs and Foreign Investors

Vinson & Elkins LLP on

On June 16, 2025, the Senate Finance Committee released its draft tax title for inclusion in the Senate’s version of the budget reconciliation bill, known as the “One Big Beautiful Bill Act” (the “OBBBA”). While the Senate...more

Paul Hastings LLP

Update: Senate Finance Committee Releases Its Version of Section 899 of the One Big Beautiful Bill

Paul Hastings LLP on

On May 22, the U.S. House of Representatives voted to approve the One Big Beautiful Bill (the House Bill), which contained a new addition to the U.S. Internal Revenue Code — Section 899 (House Bill Section 899). On June 16,...more

Seward & Kissel LLP

Should you call 911 about Section 899?

Seward & Kissel LLP on

On May 22, 2025, the House of Representatives passed by a one-vote margin the “One Big Beautiful Bill Act” (the “House Bill”), which has now moved to the Senate for consideration. This Memorandum discusses the House Bill’s...more

Husch Blackwell LLP

Major Changes in the Jurisdictional Laws in Illinois

Husch Blackwell LLP on

Senate Bill 328, as amended, makes significant changes to the law governing jurisdiction in Illinois, which would change Illinois from a specific jurisdiction state to a general jurisdiction state for actions that allege...more

McDermott Will & Emery

The Proposed US Tax Regime for Non-US Investors and Companies

McDermott Will & Emery on

On May 22, 2025, the US House of Representatives narrowly passed a sweeping $3.8 trillion tax reconciliation package known as the One Big Beautiful Bill Act. The legislation now moves to the US Senate, where significant...more

Mintz - Tax Viewpoints

Summary of Proposed Section 899 of the US Internal Revenue Code and Its Impact on Section 892 Benefits and Tax Treaties

Mintz - Tax Viewpoints on

Proposed Section 899, introduced as part of the “Defending American Jobs and Investment Act” (H.R. 591) and incorporated into the House Ways and Means Committee’s tax package titled “The One, Big, Beautiful Bill” (the...more

Hogan Lovells

New Section 899 – Enforcement of remedies against unfair taxes

Hogan Lovells on

On May 12, 2025, the House Ways & Means Committee released legislative text for a new code section 899 designed to impose retaliatory tax measures against unfair foreign taxes, including digital services taxes and the...more

Perkins Coie

Proposed CA Legislation Would Impose FARA-like Requirements on Agents of Foreign Entities and Subsidiaries

Perkins Coie on

The California State Assembly is considering legislation to impose registration requirements on agents of foreign principals who advocate before California officials. The legislation comes while the U.S. Department of Justice...more

Skadden, Arps, Slate, Meagher & Flom LLP

Broad Reforms to China’s Company Law Will Affect Most PRC Companies

On December 29, 2023, China enacted the amended Company Law of the People’s Republic of China (Amended PRC Company Law), which will come into effect on July 1, 2024. These are some of the most significant changes to the laws...more

Eversheds Sutherland (US) LLP

Congress considers TCJA extenders and Taiwan tax relief

In mid-January, the House introduced the Tax Relief for American Families and Workers Act (Act). The Joint Committee of Taxation has released its explanation of the Act, and the House Ways and means Committee has released a...more

Goldberg Segalla

Governor Hochul Vetoes Bill Requiring Foreign Corporations to Consent to General Jurisdiction in New York Courts

Goldberg Segalla on

On December 22, 2023, New York Gov. Kathy Hochul vetoed Senate Bill S7476, which provided that a foreign corporation’s application for authority to do business in New York constitutes consent to jurisdiction of New York...more

Bond Schoeneck & King PLLC

Proposed Legislation Would Automatically Confer General Jurisdiction on all Foreign Corporations Registered to do Business in New...

New York, like many other states, requires foreign (non-New York) corporations and other entities to register to do business in the state....more

Allen Matkins

Legislator Proposes Ban On Foreign-Influenced Business Entity Contributions

Allen Matkins on

The California legislature is currently in recess and is scheduled to reconvene on January 4.  However, some bills have already been introduced, including AB 83 (Lee & Kalra), which would enact the "Get Foreign Money Out of...more

Ballard Spahr LLP

Drumbeat Grows for Legislation Against PACs and Foreign Electoral Influence

Ballard Spahr LLP on

Summary - Legislators in the U.S. Congress, Arizona, and California have proposed legislation restricting U.S. subsidiaries of foreign corporations from making political contributions. Members of both the U.S. House and...more

Bowditch & Dewey

Impact of House Ways and Means Tax Proposals for International Operations

Bowditch & Dewey on

In this final blog post on the House Ways and Means Tax Bill, we address the international tax proposals in the Bill, JCX-43-21. The international tax proposals are fewer in number than the domestic and transfer tax...more

Skadden, Arps, Slate, Meagher & Flom LLP

EU Will Propose Merger Control Legislation for Foreign-Subsidized Companies’ Acquisitions in 2021

The European Commission’s (EC) June 2020 white paper proposing wide-ranging controls over foreign-subsidized companies’ access to Europe’s internal market has received fresh impetus. In a report issued earlier this month, the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Recent State and Local Legislation Bans Foreign-Influenced Corporate Spending in U.S. Elections

In an attempt to further curb foreign influence in U.S. elections, there is a recent trend among states and localities to propose legislation restricting political spending by corporations with foreign owners. Existing...more

Mayer Brown Free Writings + Perspectives

Bipartisan Legislation to Strengthen Disclosure Requirements for Foreign Companies Listed on U.S. Exchanges

Recently, a bipartisan bill was introduced in Congress that would require that U.S. listed foreign companies provide U.S. regulators access to accounting records tied to audit reports....more

White & Case LLP

Italy Readies Measures for a No-Deal Brexit

White & Case LLP on

On January 24, 2019 the Italian Ministry of Economy and Finance ("MEF") published a press release announcing that the Italian government has readied a set of measures necessary to ensure full continuity for financial markets...more

Jones Day

Russian Parliament Introduces New Legislation in Retaliation for U.S. Sanctions

Jones Day on

The Situation: The Duma, the Russian parliament's lower chamber, has introduced a Draft Law that, if enacted, imposes criminal liability for compliance with U.S. and other foreign sanctions against Russian parties. The...more

Allen Matkins

Can California Dictate The Composition Of Foreign Corporations?

Allen Matkins on

Senator Hannah-Beth Jackson's effort to mandate the number of female directors recently passed out of the Senate Committee on Judiciary. That should not be too surprising as Senator Jackson chairs the committee. The bill's...more

Skadden, Arps, Slate, Meagher & Flom LLP

New York State Responds to Federal Tax Reform

On March 30, 2018, the New York Legislature passed the 2018–2019 Budget Bill (SB. 7509-C/A 9509-C) (Budget Bill), which addresses several provisions of the newly enacted Tax Cuts and Jobs Act (P.L. 115-97) (TCJA) and...more

Skadden, Arps, Slate, Meagher & Flom LLP

House Committee Holds Hearing on Export Control Reform Bill

On March 14, 2018, the House Committee on Foreign Affairs held a hearing titled “Modernizing Export Controls: Protecting Cutting Edge Technology and U.S. National Security” to examine the proposed Export Control Reform Act...more

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