No Tax Breaks for Outsourcing Act
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.
- IntroducedFeb 9, 2023
- 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 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; 15 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-HI | Brian Schatz | Original | Feb 9, 2023 |
| D-MD | Chris Van Hollen | Original | Feb 9, 2023 |
| D-CT | Christopher Murphy | Original | Feb 9, 2023 |
| D-NJ | Cory A. Booker | Original | Feb 9, 2023 |
| D-MA | Edward J. Markey | Original | Feb 9, 2023 |
| D-MA | Elizabeth Warren | Original | Feb 9, 2023 |
| D-RI | Jack Reed | Original | Feb 9, 2023 |
| D-OR | Jeff Merkley | Original | Feb 9, 2023 |
| D-NM | Martin Heinrich | Original | Feb 9, 2023 |
| D-HI | Mazie K. Hirono | Original | Feb 9, 2023 |
| D-CT | Richard Blumenthal | Original | Feb 9, 2023 |
| D-IL | Richard J. Durbin | Original | Feb 9, 2023 |
| D-PA | Robert P. Casey Jr. | Original | Feb 9, 2023 |
| D-WI | Tammy Baldwin | Original | Feb 9, 2023 |
| D-IL | Tammy Duckworth | Original | Feb 9, 2023 |
| D-PA | John Fetterman | May 14, 2024 |
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 Feb 9, 2023 |
Actions 2
Everything that happened, newest first.
- Feb 9, 2023Introduced in Senate
- Feb 9, 2023Read twice and referred to the Committee on Finance.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 118-12 | PROTECTING THE HOMELAND: AN EXAMINATION OF FEDERAL EFFORTS TO SUPPORT STATE AND LOCAL LAW ENFORCEMENT83 pages | Homeland Security Committee | May 16, 2023 |
CRS reports 2
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 2
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| IF11809 | Trends and Proposals for Corporate Tax Revenue | Resource | May 8, 2024 |
| R47692 | Corporate Acquisitions and Divisions: Tax Issues | Report | Sep 14, 2023 |
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 884 | No Tax Breaks for Outsourcing Act | Identical bill | Feb 9, 2023 |
| S 4275 | Stop Corporate Inversions Act of 2024 | Related bill | May 7, 2024 |
| HR 8268 | Stop Corporate Inversions Act of 2024 | Related bill | May 7, 2024 |
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 current year inclusion of net CFC tested income, and for other purposes.
- Short Title(s) as Introduced
- No Tax Breaks for Outsourcing Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Feb 9, 2023Introduced 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.
