US HB5108 | 2017-2018 | 115th Congress
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]
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
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)
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)
Subjects
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/115th-congress/house-bill/5108/all-info |
| Text | https://www.congress.gov/115/bills/hr5108/BILLS-115hr5108ih.pdf |
