US Congress Senate Bill 863 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Democrat 1)
Status: Introduced on April 6 2017 - 25% progression, died in committee
Action: 2017-04-06 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Offshoring Prevention Act This bill amends the Internal Revenue Code to include imported property income in foreign base company income, for purposes of determining the income of controlled foreign corporations. The bill defines "imported property income" as, with certain exceptions, income derived in connection with: manufacturing, producing, growing, or extracting imported property; the sale, exchange, or other disposition of imported property; or the lease, rental, or licensing of imported property. The bill also provides for a separate application of limitations on the foreign tax credit for imported property income.

Offshoring Prevention Act

Sen. Sheldon Whitehouse [D-RI]

Date	Chamber	Action
2017-04-06	Senate	Read twice and referred to the Committee on Finance.

HB2005 (Related) 2017-04-06 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/senate-bill/863/all-info
Text	https://www.congress.gov/115/bills/s863/BILLS-115s863is.pdf