No Tax Breaks for Outsourcing Act

Referred to the House Committee on Ways and Means.

Bill 119 HR 995, also known as the "Current Year Inclusion of Net CFC Tested Income Act," aims to make changes to the Internal Revenue Code of 1986. The main purpose of this bill is to require the current year inclusion of net Controlled Foreign Corporation (CFC) tested income for US shareholders.

Under current law, US shareholders of CFCs are not required to include their share of CFC tested income in their current year income. This bill seeks to change that by mandating that US shareholders include this income in their current year tax returns.

The bill also includes provisions for other purposes, although specific details on these purposes are not provided in the summary. Overall, the goal of Bill 119 HR 995 is to ensure that US shareholders of CFCs are accurately reporting their income and paying the appropriate taxes on that income. This bill could have significant implications for multinational corporations and their shareholders, as it may impact how they report and pay taxes on income earned through foreign subsidiaries.