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118th Congress Taxation

H.R. 884: No Tax Breaks for Outsourcing Act

Introduced

  1. Introduced (completed)Feb 9, 2023
  2. Passed House (not reached)
  3. Passed Senate (not reached)
  4. To the President (not reached)
  5. Became law (not reached)

Summary

Introduced in House, Feb 9, 2023

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 controlled foreign corporation (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 an international 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.

Written by the Congressional Research Service, Library of Congress.

Roll calls

0 votes on this bill

No roll call votes have been held on this bill.

Amendments

0 offered

No amendments were offered to this bill.

Cosponsors

140

Who scored on this bill

18 points earned
  1. 1Lloyd Doggett D-TX SponsorReached a cosponsor milestone, introduced4 events+18
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Introductions and cosponsorships count toward weekly caps and show no points.

History

  1. Feb 9, 2023Introduced in the House by Lloyd Doggett.
Show the full action history (2 actions)
  1. Feb 9, 2023Introduced in House
  2. Feb 9, 2023Referred to the House Committee on Ways and Means.