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No Tax Breaks for Outsourcing Act
12/15/2023, 4:05 PM
Summary of Bill S 357
Bill 118 s 357, also known as the No Tax Breaks for Outsourcing Act, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to prevent companies from receiving tax breaks for outsourcing jobs overseas.
If passed, this bill would make it illegal for companies to deduct expenses related to outsourcing from their taxes. This means that companies would no longer be able to receive financial incentives for moving jobs outside of the United States.
Supporters of the No Tax Breaks for Outsourcing Act argue that it will help protect American jobs and encourage companies to keep their operations within the country. They believe that by eliminating tax breaks for outsourcing, companies will be more likely to invest in the American workforce and economy. Opponents of the bill, however, argue that it could have negative consequences for businesses, particularly those that rely on outsourcing to remain competitive in the global market. They argue that the bill could lead to higher costs for companies and potentially result in job losses. Overall, the No Tax Breaks for Outsourcing Act is a controversial piece of legislation that aims to address the issue of outsourcing and its impact on the American economy. It remains to be seen whether or not this bill will be passed by Congress and signed into law.
If passed, this bill would make it illegal for companies to deduct expenses related to outsourcing from their taxes. This means that companies would no longer be able to receive financial incentives for moving jobs outside of the United States.
Supporters of the No Tax Breaks for Outsourcing Act argue that it will help protect American jobs and encourage companies to keep their operations within the country. They believe that by eliminating tax breaks for outsourcing, companies will be more likely to invest in the American workforce and economy. Opponents of the bill, however, argue that it could have negative consequences for businesses, particularly those that rely on outsourcing to remain competitive in the global market. They argue that the bill could lead to higher costs for companies and potentially result in job losses. Overall, the No Tax Breaks for Outsourcing Act is a controversial piece of legislation that aims to address the issue of outsourcing and its impact on the American economy. It remains to be seen whether or not this bill will be passed by Congress and signed into law.
Congressional Summary of S 357
No Tax Breaks for Outsourcing Act
This bill modifies the tax treatment of the foreign source income of domestic corporations. The bill includes provisions that
- modify calculations of the gross income of U.S. shareholders to include net controlled foreign corporation (CFC) tested income in the current taxable year;
- apply limitations on the foreign tax credit on a country-by-country basis;
- limit the tax deduction for the interest expense of a U.S. corporation that is a member of an international financial reporting group (i.e., a group that prepares consolidated financial statements according to generally accepted accounting principles or international financial reporting standards);
- modify the rules for the taxation of inverted corporations (i.e., U.S. corporations that acquire foreign companies to reincorporate in a foreign jurisdiction with income tax rates lower than the United States); and
- treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes.
Read the Full Bill
Current Status of Bill S 357
Bill S 357 is currently in the status of Bill Introduced since February 9, 2023. Bill S 357 was introduced during Congress 118 and was introduced to the Senate on February 9, 2023. Bill S 357's most recent activity was Read twice and referred to the Committee on Finance. as of February 9, 2023
Bipartisan Support of Bill S 357
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
30Democrat Cosponsors
30Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 357
Primary Policy Focus
TaxationPotential Impact Areas
- Accounting and auditing
- Corporate finance and management
- Foreign and international corporations
- Income tax credits
- Income tax deductions
- Interest, dividends, interest rates
- Oil and gas
- Tax administration and collection, taxpayers
- Taxation of foreign income
- U.S. and foreign investments
Alternate Title(s) of Bill S 357
No Tax Breaks for Outsourcing Act
No Tax Breaks for Outsourcing Act
A bill to amend the Internal Revenue Code of 1986 to provide for current year inclusion of net CFC tested income, and for other purposes.
Comments
Sponsors and Cosponsors of S 357
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