Stop Outsourcing and Create American Jobs Act of 2010

Summary

Stop Outsourcing and Create American Jobs Act of 2010 - Directs the Secretary of the Treasury to develop and publish a list of countries that are tax havens for corporations. Amends the Internal Revenue Code to increase the penalties on corporations for: (1) underpayment of tax involving an undisclosed foreign financial asset located in a tax haven country; (2) reportable transaction understatements involving transactions in a tax haven country; and (3) fraud, tax evasion, or false statements involving transactions in a tax haven country. Grants a preference in the award of federal contracts to contractors who have not engaged in outsourcing. Defines "outsourcing" as the laying off of a U.S. worker from a job and the hiring or contracting for the same job to be performed in a foreign country. Requires revenues generated by this Act to be set aside for the reduction of the public debt.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 29 June 2010

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• Introduced in House (PDF)

  Introduced in House · EN · 29 June 2010

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• Introduced in House

  summary · EN · 29 June 2010

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