S.3674 - Removing Incentives for Outsourcing Act115th Congress (2017-2018)
|Sponsor:||Sen. Klobuchar, Amy [D-MN] (Introduced 11/28/2018)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 11/28/2018 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.3674 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (11/28/2018)
Removing Incentives for Outsourcing Act
This bill modifies the tax treatment of foreign source income of domestic corporations to: (1) eliminate a provision that allows companies to deduct a portion of the tangible assets of their controlled foreign corporations (CFCs) before the tax on foreign income applies, and (2) require net CFC tested income to be determined on a country-by-country basis rather than globally.
The bill also requires the Joint Committee on Taxation to study options for reforming laws related to the taxation of income from international sources.