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United States · Bill · S

S. 357 (118th)

No Tax Breaks for Outsourcing Act

referredUnited States· United States Congress· EN

Introduced

9 February 2023

Last action

9 February 2023 · Introduced

Status

Read twice and referred to the Committee on Finance.

Sponsors

Sen. Whitehouse, Sheldon [D-RI], Sen. Durbin, Richard J. [D-IL], Sen. Van Hollen, Chris [D-MD], Sen. Duckworth, Tammy [D-IL], Sen. Hirono, Mazie K. [D-HI], Sen. Booker, Cory A. [D-NJ], Sen. Warren, Elizabeth [D-MA], Sen. Reed, Jack [D-RI], Sen. Heinrich, Martin [D-NM], Sen. Blumenthal, Richard [D-CT], Sen. Murphy, Christopher [D-CT], Sen. Baldwin, Tammy [D-WI], Sen. Markey, Edward J. [D-MA], Sen. Casey, Robert P., Jr. [D-PA], Sen. Merkley, Jeff [D-OR], Sen. Schatz, Brian [D-HI], Sen. Fetterman, John [D-PA]

Subjects

Taxation

Source updated

9 January 2026

Taxation

Official sourceDownload fileView documentsShare

Summary

No Tax Breaks for Outsourcing Act This bill modifies the tax treatment of the foreign source income of domestic corporations. The bill includes provisions that modify calculations of the gross income of U.S. shareholders to include net controlled foreign corporation (CFC) tested income in the current taxable year; apply limitations on the foreign tax credit on a country-by-country basis; limit the tax deduction for the interest expense of a U.S. corporation that is a member of an international 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 (i.e., 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 9 February 2023

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 9 February 2023

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 9 February 2023

    ViewDownloadOpen at official source

  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 9 February 2023

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 9 February 2023

    Open at official source

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Sponsors

Related records

Sources

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