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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - Senate

Short Title(s) as Introduced

Removing Incentives for Outsourcing Act

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Internal Revenue Code of 1986 to modify the global intangible low-taxed income by repealing the tax-free deemed return on investments and determining net CFC tested income on a per-country basis.

Actions Overview (1)

Date Actions Overview
01/22/2021Introduced in Senate

All Actions (1)

Date All Actions
01/22/2021Read twice and referred to the Committee on Finance.
Action By: Senate

Cosponsors (2)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Van Hollen, Chris [D-MD] 04/12/2021
Sen. Duckworth, Tammy [D-IL] 04/12/2021

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Related Documents
Senate Finance01/22/2021 Referred to

As of 05/06/2021 no related bill information has been received for S.20 - Removing Incentives for Outsourcing Act

Subjects (6)

Latest Summary (1)

There is one summary for S.20. View summaries

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.