No Tax Breaks for Outsourcing Act

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.

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Timeline

1. 27 February 2018

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 27 February 2018

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 27 February 2018 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 27 February 2018

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 27 February 2018

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 27 February 2018

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Whitehouse, Sheldon [D-RI] · D · Sponsor
• Sen. Van Hollen, Chris [D-MD] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Stop Corporate Inversions Act of 2017
• related to → Stop Corporate Inversions Act of 2017
• related to → No Tax Breaks for Outsourcing Act
• related to ← No Tax Breaks for Outsourcing Act