US HB1711 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Democrat 118-0)
Status: Introduced on March 13 2019 - 25% progression, died in committee
Action: 2019-03-13 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on March 13 2019 - 25% progression, died in committee
Action: 2019-03-13 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Modifies the tax treatment of the foreign source income of domestic corporations. The bill includes provisions that 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
History
Date | Chamber | Action |
---|---|---|
2019-03-13 | House | Referred to the House Committee on Ways and Means. |
2019-03-13 | House | Introduced in House |
Same As/Similar To
SB780 (Same As) 2019-03-13 - Read twice and referred to the Committee on Finance.
HB1712 (Related) 2019-03-13 - Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
SB779 (Related) 2019-03-13 - Read twice and referred to the Committee on Finance.
SB2140 (Related) 2019-07-17 - Read twice and referred to the Committee on Finance. (text: CR S4911-4912)
HB1712 (Related) 2019-03-13 - Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
SB779 (Related) 2019-03-13 - Read twice and referred to the Committee on Finance.
SB2140 (Related) 2019-07-17 - Read twice and referred to the Committee on Finance. (text: CR S4911-4912)
Subjects
Accounting and auditing
Corporate finance and management
Foreign and international corporations
Income tax credits
Income tax deductions
Interest, dividends, interest rates
Oil and gas
Tax administration and collection, taxpayers
Taxation
Taxation of foreign income
U.S. and foreign investments
Corporate finance and management
Foreign and international corporations
Income tax credits
Income tax deductions
Interest, dividends, interest rates
Oil and gas
Tax administration and collection, taxpayers
Taxation
Taxation of foreign income
U.S. and foreign investments
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/house-bill/1711/all-info |
Text | https://www.congress.gov/116/bills/hr1711/BILLS-116hr1711ih.pdf |