S. 20 · 117th Congress
Removing Incentives 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.
D
KlobucharSponsor2 cosponsors · 2 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill modifies the tax treatment of foreign source income of domestic corporations to (1) eliminate a provision that allows companies to deduct a portion of the tangible assets of their controlled foreign corporations (CFCs) before the tax on foreign income applies, and (2) require net CFC tested income to be determined on a country-by-country basis…
What it does: CRS summary · Introduced in Senate · Jan 22, 2021
Removing Incentives for Outsourcing Act
This bill modifies the tax treatment of foreign source income of domestic corporations to (1) eliminate a provision that allows companies to deduct a portion of the tangible assets of their controlled foreign corporations (CFCs) before the tax on foreign income applies, and (2) require net CFC tested income to be determined on a country-by-country basis rather than globally.
The bill also requires the Joint Committee on Taxation to study options for reforming laws related to the taxation of income from international sources.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Removing Incentives for Outsourcing Act
Latest action (Jan 22, 2021): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jan 22, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.