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S 863 115th Congress Senate Taxation Foreign and international corporations Income tax credits Taxation of foreign income

Offshoring Prevention Act

Introduced: April 6, 2017 Introduced by: Whitehouse, Sheldon Democratic · Rhode Island See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 6, 2017
Read twice and referred to the Committee on Finance.
Apr 6, 2017
Introduced in Senate
 Plain-English summary Congressional Research Service

Offshoring Prevention Act

This bill amends the Internal Revenue Code to include imported property income in foreign base company income, for purposes of determining the income of controlled foreign corporations.

The bill defines "imported property income" as, with certain exceptions, income derived in connection with:

  • manufacturing, producing, growing, or extracting imported property;
  • the sale, exchange, or other disposition of imported property; or
  • the lease, rental, or licensing of imported property.

The bill also provides for a separate application of limitations on the foreign tax credit for imported property income.

What's happening now April 6, 2017

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1