3.0.0 863 2023-01-11T13:36:58Z 2023-01-11T13:36:58Z Senate S 2017-04-06 115 ssfi00 Finance Committee Senate Standing Referred to 2017-04-06T17:23:49Z Offshoring Prevention Act 115 2005 HR 2017-04-06 Referred to the House Committee on Ways and Means. Related bill CRS 2017-04-06 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-04-06 Introduced in Senate IntroReferral 10000 9 Library of Congress W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI N Taxation Foreign and international corporations Income tax credits Taxation of foreign income Taxation 00 2017-04-06 Introduced in Senate 2017-05-01T13:49:06Z 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 A bill 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 Senate IS Short Titles as Introduced Offshoring Prevention Act Introduced in Senate 2017-04-06T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s863is/xml/BILLS-115s863is.xml 2017-04-06 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.