H.R. 10431

U.S. Innovation and Global Competitiveness Act of 2026

Sponsor: Ron Estes · 0 cosponsors

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Where it stands

Introduced Sep 16
Committee Now
House of Representatives —
Senate —
Law —

Introduced Sep 16
Committee Now
House of Representatives —
Senate —
Law —

Referred to the House Committee on Ways and Means. (Sep 16)

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Text of the bill

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Sec. 1. Short title, etc

Sec. 2. Modification of deduction for foreign-derived intangible income and net controlled foreign corporation tested income

Sec. 3. Modifications to base erosion minimum tax

Sec. 4. Modification of foreign tax credit limitation baskets

Sec. 5. Carryover of net CFC tested loss

Sec. 6. Redetermination of foreign taxes and related claims

Sec. 7. Repeal of foreign tax credit haircut for net controlled foreign corporation tested income

Sec. 8. Repeal of inclusion percentage applicable to deemed paid credit for taxes properly attributable to tested income

Sec. 9. Application of foreign-source dividend deduction to amounts received by controlled foreign corporations

Sec. 10. Elimination of inclusion of foreign base company sales income and foreign base company services income

Sec. 11. Corporations exempt from subpart F inclusion for investment in United States property

Sec. 12. Special rules for transfers of intangible property from controlled foreign corporations to United States shareholders

Sec. 13. Net CFC tested income determined without regard to certain income derived from services performed in the United States Virgin Islands

Sec. 14. Repeal of modification to definition of adjusted taxable income for purposes of the limitation on business interest

Sec. 15. Research credit treated as a specified credit for all taxpayers for purposes of general business credit

(a) In general. Section 38(c)(4)(B)(ii) is amended by striking for the taxable year with respect to an eligible small business (as defined in paragraph (5)(A) after application of the rules of paragraph (5)(B)).

(b) Conforming amendment. Section 38(c) is amended by striking paragraph (5).

(c) Effective date. The amendments made by this section shall apply to taxable years beginning after December 31, 2026.

Sec. 16. Regulations to prevent duplicative charges to capital account for certain research and development expenditures