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HR 5622 111th Congress House Taxation Budget deficits and national debt Corporate finance and management Fraud offenses and financial crimes Public contracts and procurement Tax administration and collection, taxpayers Taxation of foreign income U.S. and foreign investments Unemployment

Stop Outsourcing and Create American Jobs Act of 2010

Introduced: June 29, 2010 See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 29, 2010
Referred to House Oversight and Government Reform
Jun 29, 2010
Referred to the Committee on Ways and Means, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Jun 29, 2010
Referred to House Ways and Means
Jun 29, 2010
Introduced in House
 Plain-English summary Congressional Research Service

Stop Outsourcing and Create American Jobs Act of 2010 - Directs the Secretary of the Treasury to develop and publish a list of countries that are tax havens for corporations.

Amends the Internal Revenue Code to increase the penalties on corporations for: (1) underpayment of tax involving an undisclosed foreign financial asset located in a tax haven country; (2) reportable transaction understatements involving transactions in a tax haven country; and (3) fraud, tax evasion, or false statements involving transactions in a tax haven country.

Grants a preference in the award of federal contracts to contractors who have not engaged in outsourcing. Defines "outsourcing" as the laying off of a U.S. worker from a job and the hiring or contracting for the same job to be performed in a foreign country.

Requires revenues generated by this Act to be set aside for the reduction of the public debt.

What's happening now June 29, 2010

Referred to House Oversight and Government Reform

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Democratic 1