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H.R. 1785 · 117th Congress

No Tax Breaks for Outsourcing Act

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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

LDD DoggettSponsor
129 cosponsors · 129 D
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102 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

This bill modifies the tax treatment of the foreign source income of domestic corporations. The bill includes provisions that

What it does: CRS summary · Introduced in House · Mar 11, 2021

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 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 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 (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.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: No Tax Breaks for Outsourcing Act

Latest action (Mar 11, 2021): Referred to the House Committee on Ways and Means.

Policy area: Taxation · Origin: House · Introduced: Mar 11, 2021

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.