H.R.2005 - Offshoring Prevention Act115th Congress (2017-2018) |
|Sponsor:||Rep. Cicilline, David N. [D-RI-1] (Introduced 04/06/2017)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 04/06/2017 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.2005 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (04/06/2017)
Offshoring Prevention Act
This bill amends the Internal Revenue Code to include imported property income in foreign base company income, for purposes of determining the income of controlled foreign corporations.
The bill defines "imported property income" as, with certain exceptions, income derived in connection with:
- manufacturing, producing, growing, or extracting imported property;
- the sale, exchange, or other disposition of imported property; or
- the lease, rental, or licensing of imported property.
The bill also provides for a separate application of limitations on the foreign tax credit for imported property income.