S 2459
115th Congress
Senate
Taxation
Accounting and auditing
Corporate finance and management
Foreign and international corporations
Income tax deductions
Interest, dividends, interest rates
Oil and gas
Tax administration and collection, taxpayers
Taxation of foreign income
U.S. and foreign investments
No Tax Breaks for Outsourcing Act
Introduced: February 27, 2018
Introduced by:
Whitehouse, Sheldon
Democratic
· Rhode Island
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 27, 2018
Read twice and referred to the Committee on Finance.
Feb 27, 2018
Introduced in Senate
Plain-English summary
No Tax Breaks for Outsourcing Act
This bill amends the Internal Revenue Code, with respect to the taxation of the foreign-source income of domestic corporations, to:
- eliminate an exemption for certain returns from tangible investments made overseas,
- eliminate deductions for a domestic corporation's foreign-derived intangible income and global intangible low-taxed income,
- repeal a provision that excludes foreign oil and gas extraction income from the tested income of a controlled foreign corporation,
- limit the tax deduction for the interest expenses of a U.S. corporation that is a member of a financial reporting group (i.e., a group that prepares consolidated financial statements according to generally accepted accounting principles or international financial reporting standards),
- modify the rules for the taxation of inverted corporations (U.S. corporations that acquire foreign companies to reincorporate in a foreign jurisdiction with income tax rates lower than the United States), and
- treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1