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US S2459

No Tax Breaks for Outsourcing Act


summary

Introduced
02/27/2018
In Committee
02/27/2018
Crossed Over
Passed
Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

No Tax Breaks for Outsourcing Act This bill amends the Internal Revenue Code, with respect to the taxation of the foreign-source income of domestic corporations, to: eliminate an exemption for certain returns from tangible investments made overseas, eliminate deductions for a domestic corporation's foreign-derived intangible income and global intangible low-taxed income, repeal a provision that excludes foreign oil and gas extraction income from the tested income of a controlled foreign corporation, limit the tax deduction for the interest expenses 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 (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.

AI Summary

This bill, the No Tax Breaks for Outsourcing Act, makes several changes to the Internal Revenue Code to limit tax benefits for corporations that shift operations and profits overseas. Specifically, the bill repeals the exemption for certain returns from tangible investments made overseas, eliminates deductions for foreign-derived intangible income and global intangible low-taxed income, repeals the exclusion of foreign oil and gas extraction income from the determination of tested income, limits the tax deduction for interest expenses of U.S. corporations that are part of an international financial reporting group, modifies rules for the taxation of inverted corporations, and treats certain foreign corporations managed and controlled primarily in the U.S. as domestic corporations for tax purposes.

Committee Categories

Budget and Finance

Sponsors (2)

Last Action

Read twice and referred to the Committee on Finance. (on 02/27/2018)

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