A pair of lawmakers have introduced a bipartisan bill in the House to end a 78-year-old tax provision that includes dividends from controlled foreign corporations in personal holding company income.

U.S. Congressmen Jim McDermott, D-Wash., and Dave Reichert, R-Wash., who are both members of the tax-writing House Ways and Means Committee, have introduced The Personal Holding Company (PHC) Tax Parity and Reinvestment Act (H.R. 6660) in the House. The legislation would reform the personal holding company rules, originally enacted under the Revenue Act of 1934, to promote economic growth while raising revenue.

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