House Bill 1785
117th Congress(2021-2022)
No Tax Breaks for Outsourcing Act
Introduced
Introduced in House on Mar 11, 2021
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
1785
Congress
117
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Lloyd Doggett
grade
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No House votes have been held for this bill.
Summary
No Tax Breaks for Outsourcing Act
This bill modifies the tax treatment of the foreign source income of domestic corporations. The bill includes provisions that
- modify calculations of the gross income of U.S. shareholders to include net CFC tested income in the current taxable year,
- apply limitations on the foreign tax credit on a country-by-country basis,
- limit the tax deduction for the interest expense 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 (i.e., 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.
March 11, 2021
03/11/2021
Referred to the House Committee on Ways and Means.
03/11/2021
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:48:19 PM