No Tax Breaks for Outsourcing Act
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.
- IntroducedFeb 27, 2018
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- 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.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MD | Chris Van Hollen | Nov 29, 2018 |
Actions 2
Everything that happened, newest first.
- Feb 27, 2018Introduced in Senate
- 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.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1636 | Stop Corporate Inversions Act of 2017 | Related bill | Jul 26, 2017 |
| HR 3434 | Stop Corporate Inversions Act of 2017 | Related bill | Jul 26, 2017 |
| HR 5108 | No Tax Breaks for Outsourcing Act | Identical bill | Feb 27, 2018 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Feb 27, 2018Introduced in Senate
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.