No Tax Breaks for Outsourcing Act
Latest action · Mar 11, 2021 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.
- IntroducedMar 11, 2021
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
No Tax Breaks for Outsourcing Act
This bill modifies the tax treatment of the foreign source income of domestic corporations. The bill includes provisions that
- modify calculations of the gross income of U.S. shareholders to include net CFC tested income in the current taxable year,
- apply limitations on the foreign tax credit on a country-by-country basis,
- limit the tax deduction for the interest expense 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 (i.e., 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 8
Members who signed on, in the order they did. Signatures ran from Mar 11, 2021 to Jul 27, 2021, with 6 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MD | Chris Van Hollen | Original | Mar 11, 2021 |
| D-MA | Elizabeth Warren | Original | Mar 11, 2021 |
| D-RI | Jack Reed | Original | Mar 11, 2021 |
| D-OR | Jeff Merkley | Original | Mar 11, 2021 |
| D-NY | Kirsten E. Gillibrand | Original | Mar 11, 2021 |
| D-IL | Richard J. Durbin | Original | Mar 11, 2021 |
| D-CT | Christopher Murphy | Apr 29, 2021 | |
| D-WI | Tammy Baldwin | Jul 27, 2021 |
Actions 2
Everything that happened, newest first.
- Mar 11, 2021Introduced in Senate
- Mar 11, 2021Read 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 1501 | Stop Corporate Inversions Act of 2021 | Related bill | Apr 29, 2021 |
| HR 1785 | No Tax Breaks for Outsourcing Act | Identical bill | Mar 11, 2021 |
| HR 2976 | Stop Corporate Inversions Act of 2021 | Related bill | May 4, 2021 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Mar 11, 2021Introduced 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.