Bill > S714

This bill, the No Tax Breaks for Outsourcing Act, makes several changes to the Internal Revenue Code to limit tax benefits for U.S. companies that shift profits or operations overseas. Key provisions include: repealing the tax-free deemed return on foreign investments, eliminating the reduced tax rate on foreign-derived intangible income, increasing the deemed paid foreign tax credit, repealing the high-tax exception for foreign base company income, requiring country-by-country application of the foreign tax credit limitation, limiting interest deductions for domestic corporations that are members of international financial reporting groups, and treating certain foreign corporations managed and controlled in the U.S. as domestic corporations for tax purposes. Overall, the bill aims to reduce incentives for U.S. companies to shift profits or operations abroad.