3.0.0 2459 2023-01-11T13:40:24Z 2023-01-11T13:40:24Z Senate S 2018-02-27 115 ssfi00 Finance Committee Senate Standing Referred to 2018-02-27T20:27:46Z Stop Corporate Inversions Act of 2017 115 3434 HR 2017-07-26 Referred to the House Committee on Ways and Means. Related bill CRS Stop Corporate Inversions Act of 2017 115 1636 S 2017-07-26 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4301-4302) Related bill CRS No Tax Breaks for Outsourcing Act 115 5108 HR 2018-02-27 Referred to the House Committee on Ways and Means. Identical bill CRS 2018-02-27 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2018-02-27 Introduced in Senate IntroReferral 10000 9 Library of Congress W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI N V000128 Sen. Van Hollen, Chris [D-MD] Chris Van Hollen D MD 2018-11-29 False Taxation Accounting and auditing Corporate finance and management Foreign and international corporations Income tax deductions Interest, dividends, interest rates Oil and gas Tax administration and collection, taxpayers Taxation of foreign income U.S. and foreign investments Taxation 00 2018-02-27 Introduced in Senate 2018-09-24T19:32:53Z No Tax Breaks for Outsourcing Act

This bill amends the Internal Revenue Code, with respect to the taxation of the foreign-source income of domestic corporations, to:

  • eliminate an exemption for certain returns from tangible investments made overseas,
  • eliminate deductions for a domestic corporation's foreign-derived intangible income and global intangible low-taxed income,
  • repeal a provision that excludes foreign oil and gas extraction income from the tested income of a controlled foreign corporation,
  • limit the tax deduction for the interest expenses 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 (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.
]]> No Tax Breaks for Outsourcing Act Display Title No Tax Breaks for Outsourcing Act 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. Introduced in Senate IS Short Titles as Introduced No Tax Breaks for Outsourcing Act Introduced in Senate 2018-02-27T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s2459is/xml/BILLS-115s2459is.xml 2018-02-27 Read twice and referred to the Committee on Finance. 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.