| Bill | S 780 |
|---|---|
| Type of Legislation | Senate Bill |
| Congress | 116 |
| Source | View original on Congress.gov |
Geographic Scope
National
Description
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
- 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.
Bill Title
No Tax Breaks for Outsourcing Act
Linked Goals
Steps
- 2019-03-13: Read twice and referred to the Committee on Finance.
- 2019-03-13: Introduced in Senate
Projected Outcome
A more informed proposal or public response aligned with the Promote General Welfare goal.