US SB1610 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on May 22 2019 - 25% progression, died in committee
Action: 2019-05-22 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 22 2019 - 25% progression, died in committee
Action: 2019-05-22 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Modifies the tax treatment of foreign source income of domestic corporations to (1) eliminate a provision that allows companies to deduct a portion of the tangible assets of their controlled foreign corporations (CFCs) before the tax on foreign income applies, and (2) require net CFC tested income to be determined on a country-by-country basis rather than globally. The bill also requires the Joint Committee on Taxation to study options for reforming laws related to the taxation of income from international sources.
Title
Removing Incentives for Outsourcing Act
Sponsors
| Sen. Amy Klobuchar [D-MN] | Sen. Chris Van Hollen [D-MD] | Sen. Tammy Duckworth [D-IL] |
History
| Date | Chamber | Action |
|---|---|---|
| 2019-05-22 | Senate | Read twice and referred to the Committee on Finance. |
Subjects
Congressional oversight
Foreign and international corporations
Income tax deductions
Tax administration and collection, taxpayers
Taxation
Taxation of foreign income
Foreign and international corporations
Income tax deductions
Tax administration and collection, taxpayers
Taxation
Taxation of foreign income
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/116th-congress/senate-bill/1610/all-info |
| Text | https://www.congress.gov/116/bills/s1610/BILLS-116s1610is.pdf |
