American Business Competitiveness Act of 2015
This bill amends the Internal Revenue Code to:
reduce the tax rate on the net business income of individual and corporate taxpayers to a maximum 25%; allow full expensing of deductible investment expenses in the current taxable year; redefine "net business income" to allow the deduction of the cost of business purchases; convert to a territorial system for taxing overseas income; apply the same tax rate to interest income of individuals that is applicable to dividends and capital gains income; and allow a five-year carryback of net operating losses and an indefinite carryforward of such losses.
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