H.R.5622 - Stop Outsourcing and Create American Jobs Act of 2010111th Congress (2009-2010)
|Sponsor:||Rep. McNerney, Jerry [D-CA-11] (Introduced 06/29/2010)|
|Committees:||House - Ways and Means; Oversight and Government Reform|
|Latest Action:||06/29/2010 Referred to the Committee on Ways and Means, and in addition to the Committee on Oversight and Government Reform, 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. (All Actions)|
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Summary: H.R.5622 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (06/29/2010)
Stop Outsourcing and Create American Jobs Act of 2010 - Directs the Secretary of the Treasury to develop and publish a list of countries that are tax havens for corporations.
Amends the Internal Revenue Code to increase the penalties on corporations for: (1) underpayment of tax involving an undisclosed foreign financial asset located in a tax haven country; (2) reportable transaction understatements involving transactions in a tax haven country; and (3) fraud, tax evasion, or false statements involving transactions in a tax haven country.
Grants a preference in the award of federal contracts to contractors who have not engaged in outsourcing. Defines "outsourcing" as the laying off of a U.S. worker from a job and the hiring or contracting for the same job to be performed in a foreign country.
Requires revenues generated by this Act to be set aside for the reduction of the public debt.