3.0.0 2005 2023-01-11T13:36:02Z 2023-01-11T13:36:02Z House HR 2017-04-06 115 [Congressional Record Volume 163, Number 60 (Thursday, April 6, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. CICILLINE:H.R. 2005.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the United States Constitution[Page H2790]]]> hswm00 Ways and Means Committee House Standing Referred to 2017-04-06T13:11:30Z Offshoring Prevention Act 115 863 S 2017-04-06 Read twice and referred to the Committee on Finance. Related bill CRS 2017-04-06 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2017-04-06 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-04-06 Introduced in House IntroReferral 1000 9 Library of Congress C001084 Rep. Cicilline, David N. [D-RI-1] David Cicilline D RI N. 1 N C000714 Rep. Conyers, John, Jr. [D-MI-13] JOHN CONYERS D MI 13 2017-08-22 False G000551 Rep. Grijalva, Raúl M. [D-AZ-3] Raúl Grijalva D AZ M. 3 2017-08-22 False M000087 Rep. Maloney, Carolyn B. [D-NY-12] CAROLYN MALONEY D NY B. 12 2018-02-27 False Taxation Foreign and international corporations Income tax credits Taxation of foreign income Taxation 00 2017-04-06 Introduced in House 2017-05-01T13:47:44Z 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.

]]> Offshoring Prevention Act Display Title Offshoring Prevention Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide for the taxation of income of controlled foreign corporations attributable to imported property. Introduced in House IH Short Titles as Introduced Offshoring Prevention Act Introduced in House 2017-04-06T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr2005ih/xml/BILLS-115hr2005ih.xml 2017-04-06 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.