US Congress Senate Bill 780 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on March 13 2019 - 25% progression, died in committee
Action: 2019-03-13 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

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.

No Tax Breaks for Outsourcing Act

Sen. Sheldon Whitehouse [D-RI]

Sen. Chris Van Hollen [D-MD]

Sen. Richard Durbin [D-IL]

Date	Chamber	Action
2019-03-13	Senate	Read twice and referred to the Committee on Finance.

HB1711 (Same As) 2019-03-13 - Referred to the House Committee on Ways and Means.
SB2140 (Related) 2019-07-17 - Read twice and referred to the Committee on Finance. (text: CR S4911-4912)
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.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/780/all-info
Text	https://www.congress.gov/116/bills/s780/BILLS-116s780is.pdf