Offshoring Prevention Act
Latest action · Apr 6, 2017 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.
- IntroducedApr 6, 2017
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Offshoring Prevention Act
This bill amends the Internal Revenue Code to include imported property income in foreign base company income, for purposes of determining the income of controlled foreign corporations.
The bill defines "imported property income" as, with certain exceptions, income derived in connection with:
- manufacturing, producing, growing, or extracting imported property;
- the sale, exchange, or other disposition of imported property; or
- the lease, rental, or licensing of imported property.
The bill also provides for a separate application of limitations on the foreign tax credit for imported property income.
Cosponsors
Members who signed on, in the order they did.
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Apr 6, 2017 |
Actions 2
Everything that happened, newest first.
- Apr 6, 2017Introduced in Senate
- Apr 6, 2017Read twice and referred to the Committee on Finance.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 162 | Offshoring Prevention Act | Reintroduction of | Jan 13, 2015 |
| HR 2005 | Offshoring Prevention Act | Related bill | Apr 6, 2017 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to provide for the taxation of income of controlled foreign corporations attributable to imported property.
- Short Titles as Introduced
- Offshoring Prevention Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Apr 6, 2017Introduced 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
