Bill > S409

This bill, titled the "No Tax Breaks for Outsourcing Act," introduces several significant changes to the U.S. tax code aimed at discouraging corporate tax avoidance and offshore profit shifting. The bill modifies rules for international financial reporting groups, controlled foreign corporations (CFCs), and corporate inversions. Key provisions include eliminating certain tax benefits for global intangible low-taxed income, implementing a country-by-country approach for calculating foreign tax credits, limiting interest deductions for corporations in international financial reporting groups, and strengthening rules to prevent corporations from avoiding U.S. taxes by relocating overseas. Specifically, the bill would treat foreign corporations as domestic corporations if they are managed and controlled primarily in the United States, modify rules for inverted corporations, and remove certain tax advantages for companies with significant overseas operations. The changes would generally apply to taxable years beginning after December 31, 2024, and are designed to ensure that multinational corporations pay a more equitable share of taxes by closing existing loopholes in the tax code.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/409/all-info