US HB5108 | 2017-2018 | 115th Congress

US Congress House Bill 5108 (Prior Session Legislation)

Status

Spectrum: Partisan Bill (Democrat 78-0)
Status: Introduced on February 27 2018 - 25% progression, died in committee
Action: 2018-02-27 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Summary

No Tax Breaks for Outsourcing Act This bill amends the Internal Revenue Code, with respect to the taxation of the foreign-source income of domestic corporations, to: 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.

Title

No Tax Breaks for Outsourcing Act

Sponsors

Rep. Lloyd Doggett [D-TX]	Rep. Michael Capuano [D-MA]	Rep. Elijah Cummings [D-MD]	Rep. Danny Davis [D-IL]
Rep. Rosa DeLauro [D-CT]	Rep. Peter DeFazio [D-OR]	Rep. Raul Grijalva [D-AZ]	Rep. Pramila Jayapal [D-WA]
Rep. Marcy Kaptur [D-OH]	Rep. Jerrold Nadler [D-NY]	Rep. Grace Napolitano [D-CA]	Rep. Eleanor Norton [D-DC]
Rep. Mark Pocan [D-WI]	Rep. Jamie Raskin [D-MD]	Rep. Tim Ryan [D-OH]	Rep. Janice Schakowsky [D-IL]
Rep. John Sarbanes [D-MD]	Rep. John Garamendi [D-CA]	Rep. Louise Slaughter [D-NY]	Rep. Brian Higgins [D-NY]
Rep. Keith Ellison [D-MN]	Rep. Carolyn Maloney [D-NY]	Rep. Bonnie Coleman [D-NJ]	Rep. Barbara Lee [D-CA]
Rep. Mark DeSaulnier [D-CA]	Rep. Judy Chu [D-CA]	Rep. Mark Takano [D-CA]	Rep. Ro Khanna [D-CA]
Rep. James McGovern [D-MA]	Rep. Betty McCollum [D-MN]	Rep. Donald Norcross [D-NJ]	Rep. Bobby Rush [D-IL]
Rep. Brendan Boyle [D-PA]	Rep. Paul Tonko [D-NY]	Rep. Albio Sires [D-NJ]	Rep. John Yarmuth [D-KY]
Rep. Stephen Lynch [D-MA]	Rep. Dina Titus [D-NV]	Rep. Steve Cohen [D-TN]	Rep. Alan Lowenthal [D-CA]
Rep. Richard Nolan [D-MN]	Rep. Lucille Roybal-Allard [D-CA]	Rep. Jose Serrano [D-NY]	Sen. Peter Welch [D-VT]
Rep. David Cicilline [D-RI]	Rep. Thomas Suozzi [D-NY]	Rep. Bill Pascrell [D-NJ]	Rep. Robert Brady [D-PA]
Rep. Adriano Espaillat [D-NY]	Rep. Timothy Walz [D-MN]	Rep. Hakeem Jeffries [D-NY]	Rep. Eddie Johnson [D-TX]
Rep. Collin Peterson [D-MN]	Rep. Matthew Cartwright [D-PA]	Rep. Yvette Clarke [D-NY]	Rep. Luis Gutierrez [D-IL]
Rep. Frank Pallone [D-NJ]	Rep. Emanuel Cleaver [D-MO]	Rep. Anna Eshoo [D-CA]	Rep. Henry Johnson [D-GA]
Rep. Gwen Moore [D-WI]	Rep. Karen Bass [D-CA]	Rep. Nanette Barragan [D-CA]	Rep. Robert Scott [D-VA]
Rep. Joe Courtney [D-CT]	Rep. Marcia Fudge [D-OH]	Rep. Sheila Jackson-Lee [D-TX]	Rep. Robin Kelly [D-IL]
Rep. Conor Lamb [D-PA]	Rep. Debbie Dingell [D-MI]	Rep. Dwight Evans [D-PA]	Rep. Alcee Hastings [D-FL]
Rep. Jared Huffman [D-CA]	Rep. James Langevin [D-RI]	Rep. Darren Soto [D-FL]	Rep. Earl Blumenauer [D-OR]
Rep. John Lewis [D-GA]	Rep. Maxine Waters [D-CA]

History

Date	Chamber	Action
2018-02-27	House	Referred to the House Committee on Ways and Means.
2018-02-27	House	Introduced in House

Same As/Similar To

SB2459 (Same As) 2018-02-27 - Read twice and referred to the Committee on Finance.
HB3434 (Related) 2017-07-26 - Referred to the House Committee on Ways and Means.
SB1636 (Related) 2017-07-26 - Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4301-4302)