S.20 - Removing Incentives for Outsourcing Act117th Congress (2021-2022) |
|Sponsor:||Sen. Klobuchar, Amy [D-MN] (Introduced 01/22/2021)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 01/22/2021 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.20 — 117th Congress (2021-2022)All Information (Except Text)
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.