Summary: S.20 — 117th Congress (2021-2022)All Information (Except Text)

There is one summary for S.20. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (01/22/2021)

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.