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House Bill 5145
115th Congress(2017-2018)
Close Tax Loopholes That Outsource American Jobs Act
Introduced
Introduced
Introduced in House on Mar 1, 2018
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Introduced in House 
Mar 1, 2018
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Introduced in House(Mar 1, 2018)
Mar 1, 2018
Not Scanned for Linkage
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Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
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H. R. 5145 (Introduced-in-House)


115th CONGRESS
2d Session
H. R. 5145


To amend the Internal Revenue Code of 1986 to eliminate tax preferences for foreign profits by repealing the reduced rate of tax on foreign-derived intangible income and global intangible low-taxed income.

IN THE HOUSE OF REPRESENTATIVES

March 1, 2018

Ms. DeLauro introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to eliminate tax preferences for foreign profits by repealing the reduced rate of tax on foreign-derived intangible income and global intangible low-taxed income.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Close Tax Loopholes That Outsource American Jobs Act”.

SEC. 2. Repeal of reduced rate of tax on foreign-derived intangible income and global intangible low-taxed income.

(a) In general.—Part VIII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 250 (and by striking the item relating to such section in the table of sections of such part).

(b) Conforming amendments.—

(1) Section 172(d) of such Code is amended by striking paragraph (9).

(2) Section 246(b)(1) of such Code is amended—

(A) by striking “subsection (a) and (b) of section 245, and section 250” and inserting “and subsection (a) and (b) of section 245”; and

(B) by striking “subsection (a) and (b) of section 245, and 250” and inserting “and subsection (a) and (b) of section 245”.

(3) Section 469(i)(3)(F)(iii) of such Code is amended by striking “222, and 250” and inserting “and 222”.

(c) Effective date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2017.