S.1610 - Removing Incentives for Outsourcing Act116th Congress (2019-2020) |
|Sponsor:||Sen. Klobuchar, Amy [D-MN] (Introduced 05/22/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 05/22/2019 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.1610 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (05/22/2019)
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.