S. 863 · 115th Congress
Offshoring Prevention Act
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WhitehouseSponsorNo cosponsors.
This bill amends the Internal Revenue Code to include imported property income in foreign base company income, for purposes of determining the income of controlled foreign corporations.
What it does: CRS summary · Introduced in Senate · Apr 6, 2017
Offshoring Prevention Act
This bill amends the Internal Revenue Code to include imported property income in foreign base company income, for purposes of determining the income of controlled foreign corporations.
The bill defines "imported property income" as, with certain exceptions, income derived in connection with:
- manufacturing, producing, growing, or extracting imported property;
- the sale, exchange, or other disposition of imported property; or
- the lease, rental, or licensing of imported property.
The bill also provides for a separate application of limitations on the foreign tax credit for imported property income.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Offshoring Prevention Act
Latest action (Apr 6, 2017): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Apr 6, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.