US Congress Senate Bill 2459 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on February 27 2018 - 25% progression, died in committee
Action: 2018-02-27 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

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.

No Tax Breaks for Outsourcing Act

Sen. Sheldon Whitehouse [D-RI]

Sen. Chris Van Hollen [D-MD]

Date	Chamber	Action
2018-02-27	Senate	Read twice and referred to the Committee on Finance.

HB5108 (Same As) 2018-02-27 - Referred to the House Committee on Ways and Means.
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)

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/senate-bill/2459/all-info
Text	https://www.congress.gov/115/bills/s2459/BILLS-115s2459is.pdf