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S. 2459 115th Congress Senate

No Tax Breaks for Outsourcing Act

Official title: A bill to amend the Internal Revenue Code of 1986 to provide for current year inclusion of net CFC tested income, and for other purposes.

Introduced: November 29, 2018 Introduced by: Sheldon Whitehouse Democratic · Rhode Island See on congress.gov
Taxation Accounting and auditingCorporate finance and managementForeign and international corporationsIncome tax deductions
More subjectsShow fewer subjects
Interest, dividends, interest ratesOil and gasTax administration and collection, taxpayersTaxation of foreign incomeU.S. and foreign investments
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This bill died when the 115th Congress ended
It never became law before the 115th Congress (2017–2018) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
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 Latest action February 27, 2018

Read twice and referred to the Committee on Finance.

 Plain-English summary Congressional Research Service

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.
 Related & companion bills 3
  • HR 5108 Identical bill No Tax Breaks for Outsourcing Act
  • HR 3434 Stop Corporate Inversions Act of 2017
  • S 1636 Stop Corporate Inversions Act of 2017
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Van Hollen, Chris
Maryland · Nov 29, 2018
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2459: No Tax Breaks for Outsourcing Act. 115th Congress. Open America. https://openamerica.io/bill/115-S-2459/
MLA
"S. 2459: No Tax Breaks for Outsourcing Act." 115th Congress, 2026, Open America, https://openamerica.io/bill/115-S-2459/.
Bluebook (legal)
S. 2459, 115th Cong. (2026), https://openamerica.io/bill/115-S-2459/.
Markdown link
[S. 2459: No Tax Breaks for Outsourcing Act](https://openamerica.io/bill/115-S-2459/)
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