Bill Sponsor
Senate Bill 2459
115th Congress(2017-2018)
No Tax Breaks for Outsourcing Act
Introduced
Introduced
Introduced in Senate on Feb 27, 2018
Overview
Text
Introduced
Feb 27, 2018
Latest Action
Feb 27, 2018
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2459
Congress
115
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Sponsorship by Party
Democrat
Rhode Island
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this 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.
Text (1)
February 27, 2018
Actions (2)
02/27/2018
Read twice and referred to the Committee on Finance.
02/27/2018
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:40:24 PM