[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5145 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 5145

To amend the Internal Revenue Code of 1986 to eliminate tax preferences 
  for foreign profits by repealing the reduced rate of tax on foreign-
   derived intangible income and global intangible low-taxed income.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 1, 2018

 Ms. DeLauro introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to eliminate tax preferences 
  for foreign profits by repealing the reduced rate of tax on foreign-
   derived intangible income and global intangible low-taxed income.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Close Tax Loopholes That Outsource 
American Jobs Act''.

SEC. 2. REPEAL OF REDUCED RATE OF TAX ON FOREIGN-DERIVED INTANGIBLE 
              INCOME AND GLOBAL INTANGIBLE LOW-TAXED INCOME.

    (a) In General.--Part VIII of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 is amended by striking section 250 (and 
by striking the item relating to such section in the table of sections 
of such part).
    (b) Conforming Amendments.--
            (1) Section 172(d) of such Code is amended by striking 
        paragraph (9).
            (2) Section 246(b)(1) of such Code is amended--
                    (A) by striking ``subsection (a) and (b) of section 
                245, and section 250'' and inserting ``and subsection 
                (a) and (b) of section 245''; and
                    (B) by striking ``subsection (a) and (b) of section 
                245, and 250'' and inserting ``and subsection (a) and 
                (b) of section 245''.
            (3) Section 469(i)(3)(F)(iii) of such Code is amended by 
        striking ``222, and 250'' and inserting ``and 222''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2017.
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