S 20
117th Congress
Senate
Taxation
Congressional oversight
Foreign and international corporations
Income tax deductions
Tax administration and collection, taxpayers
Taxation of foreign income
Removing Incentives for Outsourcing Act
Introduced: January 22, 2021
Introduced by:
Klobuchar, Amy
Democratic
· Minnesota
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 22, 2021
Read twice and referred to the Committee on Finance.
Jan 22, 2021
Introduced in Senate
Plain-English summary
Removing Incentives for Outsourcing Act
This bill modifies the tax treatment of foreign source income of domestic corporations to (1) eliminate a provision that allows companies to deduct a portion of the tangible assets of their controlled foreign corporations (CFCs) before the tax on foreign income applies, and (2) require net CFC tested income to be determined on a country-by-country basis rather than globally.
The bill also requires the Joint Committee on Taxation to study options for reforming laws related to the taxation of income from international sources.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1