S. 357 · 118th Congress
No Tax Breaks for Outsourcing Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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WhitehouseSponsor16 cosponsors · 16 D
D
Baldwin
RB
D
Blumenthal
CB
D
Booker
BC
D
Casey
RD
D
Durbin
TD
D
Duckworth
MH
D
Hirono
MH
D
Heinrich
EM
D
Markey
CM
D
Murphy
JM
D
Merkley
JR
D
Reed
BS
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Schatz
CV
D
Van Hollen
EW
D
Warren
JF
D
Fetterman15 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 Senate · Feb 9, 2023
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 controlled foreign corporation (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 an international 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 (Feb 9, 2023): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Feb 9, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.