S 45
112th Congress
Senate
Taxation
Foreign and international corporations
Income tax credits
Taxation of foreign income
Offshoring Prevention Act
Introduced: January 25, 2011
Introduced by:
Whitehouse, Sheldon
Democratic
· Rhode Island
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 25, 2011
Read twice and referred to the Committee on Finance.
Jan 25, 2011
Sponsor introductory remarks on measure. (CR S152-153)
Jan 25, 2011
Introduced in Senate
Plain-English summary
Offshoring Prevention Act - Amends the Internal Revenue Code to include in foreign base company income, for purposes of determining the foreign trade income of controlled foreign corporations, imported property income. Defines "imported property income" as, with certain exceptions, income attributable to property manufactured outside of the United States and imported for sale into the United States. Provides for a separate application of limitations on the foreign tax credit for imported property income.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1