3.0.0 3674 2023-01-11T13:40:54Z 2023-01-11T13:40:54Z Senate S 2018-11-28 115 ssfi00 Finance Committee Senate Standing Referred to 2018-11-28T23:16:28Z Per-Country Minimum Act 115 6015 HR 2018-06-06 Referred to the House Committee on Ways and Means. Related bill CRS 2018-11-28 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2018-11-28 Introduced in Senate IntroReferral 10000 9 Library of Congress K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN N D000622 Sen. Duckworth, Tammy [D-IL] Tammy Duckworth D IL 2018-11-28 True V000128 Sen. Van Hollen, Chris [D-MD] Chris Van Hollen D MD 2018-12-03 False Taxation Congressional oversight Foreign and international corporations Income tax deductions Tax administration and collection, taxpayers Taxation of foreign income Taxation 00 2018-11-28 Introduced in Senate 2019-03-20T14:21:34Z Removing Incentives for Outsourcing Act

This bill modifies the tax treatment of foreign source income of domestic corporations to: (1) eliminate a provision that allows companies to deduct a portion of the tangible assets of their controlled foreign corporations (CFCs) before the tax on foreign income applies, and (2) require net CFC tested income to be determined on a country-by-country basis rather than globally.

The bill also requires the Joint Committee on Taxation to study options for reforming laws related to the taxation of income from international sources.

]]> Removing Incentives for Outsourcing Act Display Title Removing Incentives for Outsourcing Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to modify the global intangible low-taxed income by repealing the tax-free deemed return on investments and determining net CFC tested income on a per-country basis. Introduced in Senate IS Short Titles as Introduced Removing Incentives for Outsourcing Act Introduced in Senate 2018-11-28T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s3674is/xml/BILLS-115s3674is.xml 2018-11-28 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.