US HB1711 | 2019-2020 | 116th Congress

Status

Spectrum: Partisan Bill (Democrat 94-0)
Status: Introduced on March 13 2019 - 25% progression
Action: 2019-03-13 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

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 eliminate an exemption for certain returns from tangible investments made overseas, eliminate deductions for a domestic corporation's foreign-derived intangible income and global intangible low-taxed income, repeal a provision that excludes foreign oil and gas extraction income from the tested income of a controlled foreign corporation, limit the tax deduction for the interest expenses 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 (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.

Tracking Information

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Title

No Tax Breaks for Outsourcing Act

Sponsors

Rep. Lloyd Doggett [D-TX]Rep. Nanette Barragan [D-CA]Rep. Karen Bass [D-CA]Rep. Earl Blumenauer [D-OR]
Rep. Brendan Boyle [D-PA]Rep. Matthew Cartwright [D-PA]Rep. Judy Chu [D-CA]Rep. David Cicilline [D-RI]
Rep. Yvette Clarke [D-NY]Rep. Emanuel Cleaver [D-MO]Rep. Steve Cohen [D-TN]Rep. Joe Courtney [D-CT]
Rep. Elijah Cummings [D-MD]Rep. Danny Davis [D-IL]Rep. Peter DeFazio [D-OR]Rep. Rosa DeLauro [D-CT]
Rep. Mark DeSaulnier [D-CA]Rep. Debbie Dingell [D-MI]Rep. Anna Eshoo [D-CA]Rep. Adriano Espaillat [D-NY]
Rep. Dwight Evans [D-PA]Rep. Marcia Fudge [D-OH]Rep. John Garamendi [D-CA]Rep. Jesus Garcia [D-IL]
Rep. Jimmy Gomez [D-CA]Rep. Raul Grijalva [D-AZ]Rep. Alcee Hastings [D-FL]Rep. Brian Higgins [D-NY]
Rep. Jared Huffman [D-CA]Rep. Sheila Jackson-Lee [D-TX]Rep. Pramila Jayapal [D-WA]Rep. Eddie Johnson [D-TX]
Rep. Henry Johnson [D-GA]Rep. Marcy Kaptur [D-OH]Rep. Robin Kelly [D-IL]Rep. Ro Khanna [D-CA]
Rep. James Langevin [D-RI]Rep. Conor Lamb [D-PA]Rep. Brenda Lawrence [D-MI]Rep. Barbara Lee [D-CA]
Rep. Andy Levin [D-MI]Rep. Alan Lowenthal [D-CA]Rep. Stephen Lynch [D-MA]Rep. Carolyn Maloney [D-NY]
Rep. Betty McCollum [D-MN]Rep. James McGovern [D-MA]Rep. Gwen Moore [D-WI]Rep. Jerrold Nadler [D-NY]
Rep. Grace Napolitano [D-CA]Rep. Donald Norcross [D-NJ]Rep. Eleanor Norton [D-DC]Rep. Alexandria Ocasio-Cortez [D-NY]
Rep. Frank Pallone [D-NJ]Rep. Bill Pascrell [D-NJ]Rep. Collin Peterson [D-MN]Rep. Mark Pocan [D-WI]
Rep. Katie Porter [D-CA]Rep. Jamie Raskin [D-MD]Rep. Lucille Roybal-Allard [D-CA]Rep. Bobby Rush [D-IL]
Rep. Tim Ryan [D-OH]Rep. John Sarbanes [D-MD]Rep. Janice Schakowsky [D-IL]Rep. Robert Scott [D-VA]
Rep. Jose Serrano [D-NY]Rep. Albio Sires [D-NJ]Rep. Darren Soto [D-FL]Rep. Thomas Suozzi [D-NY]
Rep. Mark Takano [D-CA]Rep. Dina Titus [D-NV]Rep. Rashida Tlaib [D-MI]Rep. Paul Tonko [D-NY]
Rep. Nydia Velazquez [D-NY]Rep. Maxine Waters [D-CA]Rep. Bonnie Coleman [D-NJ]Rep. Peter Welch [D-VT]
Rep. John Yarmuth [D-KY]Rep. John Lewis [D-GA]Rep. Katie Hill [D-CA]Rep. Jared Golden [D-ME]
Rep. Abby Finkenauer [D-IA]Rep. Hakeem Jeffries [D-NY]Rep. Ilhan Omar [D-MN]Rep. Peter Visclosky [D-IN]
Rep. Andre Carson [D-IN]Rep. Susan Wild [D-PA]Rep. Max Rose [D-NY]Rep. Grace Meng [D-NY]
Rep. Jahana Hayes [D-CT]Rep. Ann Kirkpatrick [D-AZ]Rep. Michael Doyle [D-PA]Rep. David Scott [D-GA]
Rep. Eliot Engel [D-NY]Rep. Theodore Deutch [D-FL]

History

DateChamberAction
2019-03-13HouseReferred to the House Committee on Ways and Means.
2019-03-13HouseIntroduced in House

Same As/Similar To

SB780 (Same As) 2019-03-13 - Read twice and referred to the Committee on Finance.
HB1712 (Related) 2019-03-13 - Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
SB779 (Related) 2019-03-13 - Read twice and referred to the Committee on Finance.
SB2140 (Related) 2019-07-17 - Read twice and referred to the Committee on Finance. (text: CR S4911-4912)

Subjects


US Congress State Sources


Bill Comments

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