Removing Incentives for Outsourcing Act

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.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 22 January 2021

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 22 January 2021

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• Introduced in Senate

  summary · EN · 22 January 2021

  Open at official source

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