HR 1785
117th Congress
House
Taxation
Accounting and auditing
Corporate finance and management
Foreign and international corporations
Income tax credits
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
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 11, 2021
Referred to the House Committee on Ways and Means.
Mar 11, 2021
Introduced in House
Plain-English summary
No Tax Breaks for Outsourcing Act
This bill modifies the tax treatment of the foreign source income of domestic corporations. The bill includes provisions that
- modify calculations of the gross income of U.S. shareholders to include net CFC tested income in the current taxable year,
- apply limitations on the foreign tax credit on a country-by-country basis,
- limit the tax deduction for the interest expense 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 (i.e., 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
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1