S 2459 · 115th Congress 2017–2019, ended

No Tax Breaks for Outsourcing Act

Fact sheet

Latest action · Feb 27, 2018 Read twice and referred to the Committee on Finance.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedFeb 27, 2018
  2. Passed SenateNot reached
  3. Passed HouseNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

No Tax Breaks for Outsourcing Act

This bill amends the Internal Revenue Code, with respect to the taxation of the foreign-source income of domestic corporations, to:

  • eliminate an exemption for certain returns from tangible investments made overseas,
  • eliminate deductions for a domestic corporation's foreign-derived intangible income and global intangible low-taxed income,
  • repeal a provision that excludes foreign oil and gas extraction income from the tested income of a controlled foreign corporation,
  • limit the tax deduction for the interest expenses of a U.S. corporation that is a member of a financial reporting group (i.e., a group that prepares consolidated financial statements according to generally accepted accounting principles or international financial reporting standards),
  • modify the rules for the taxation of inverted corporations (U.S. corporations that acquire foreign companies to reincorporate in a foreign jurisdiction with income tax rates lower than the United States), and
  • treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes.

Cosponsors 1

Members who signed on, in the order they did. All signed on Nov 29, 2018.

SeatCosponsorSigned on
D-MDChris Van HollenNov 29, 2018

Actions 2

Everything that happened, newest first.

  1. Feb 27, 2018Introduced in Senate
  2. Feb 27, 2018Read twice and referred to the Committee on Finance.

Related bills 3

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
S 1636Stop Corporate Inversions Act of 2017Related billJul 26, 2017
HR 3434Stop Corporate Inversions Act of 2017Related billJul 26, 2017
HR 5108No Tax Breaks for Outsourcing ActIdentical billFeb 27, 2018

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

Text 1

Each version as it was printed, newest first.

  1. Feb 27, 2018Introduced in Senate

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.