S 357 · 118th Congress 2023–2025, ended

No Tax Breaks for Outsourcing Act

Introduced Feb 9, 2023 Originated Senate Sponsor Sheldon Whitehouse D-RI

Fact sheet

Latest action · Feb 9, 2023 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 9, 2023
  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 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 controlled foreign corporation (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 an international 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 16

Members who signed on, in the order they did. Signatures ran from Feb 9, 2023 to May 14, 2024, with 15 there on the day it was introduced.

SeatCosponsorSigned on
D-HIBrian SchatzOriginalFeb 9, 2023
D-MDChris Van HollenOriginalFeb 9, 2023
D-CTChristopher MurphyOriginalFeb 9, 2023
D-NJCory A. BookerOriginalFeb 9, 2023
D-MAEdward J. MarkeyOriginalFeb 9, 2023
D-MAElizabeth WarrenOriginalFeb 9, 2023
D-RIJack ReedOriginalFeb 9, 2023
D-ORJeff MerkleyOriginalFeb 9, 2023
D-NMMartin HeinrichOriginalFeb 9, 2023
D-HIMazie K. HironoOriginalFeb 9, 2023
D-CTRichard BlumenthalOriginalFeb 9, 2023
D-ILRichard J. DurbinOriginalFeb 9, 2023
D-PARobert P. Casey Jr.OriginalFeb 9, 2023
D-WITammy BaldwinOriginalFeb 9, 2023
D-ILTammy DuckworthOriginalFeb 9, 2023
Show all 16 cosponsors

Actions 2

Everything that happened, newest first.

  1. Feb 9, 2023Introduced in Senate
  2. Feb 9, 2023Read twice and referred to the Committee on Finance.

Related bills 3

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

BillTitleRelationshipLatest action
HR 884No Tax Breaks for Outsourcing ActIdentical billFeb 9, 2023
S 4275Stop Corporate Inversions Act of 2024Related billMay 7, 2024
HR 8268Stop Corporate Inversions Act of 2024Related billMay 7, 2024

Subjects

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

Text 1

Each version as it was printed, newest first.

  1. Feb 9, 2023Introduced 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.