Summary: S.2459 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for S.2459. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (02/27/2018)

No Tax Breaks for Outsourcing Act

This bill amends the Internal Revenue Code, with respect to the taxation of the foreign-source income of domestic corporations, to:

  • 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.