No Tax Breaks for Outsourcing Act

3/6/2025, 9:06 AM

Summary of Bill HR 995

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.

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Current Status of Bill HR 995

Bill HR 995 is currently in the status of Bill Introduced since February 5, 2025. Bill HR 995 was introduced during Congress 119 and was introduced to the House on February 5, 2025.  Bill HR 995's most recent activity was Referred to the House Committee on Ways and Means. as of February 5, 2025

Bipartisan Support of Bill HR 995

Total Number of Sponsors
6
Democrat Sponsors
6
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
363
Democrat Cosponsors
363
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 995

Primary Policy Focus

Alternate Title(s) of Bill HR 995

To amend the Internal Revenue Code of 1986 to provide for current year inclusion of net CFC tested income, and for other purposes.To amend the Internal Revenue Code of 1986 to provide for current year inclusion of net CFC tested income, and for other purposes.
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Sponsors and Cosponsors of HR 995

Lloyd Doggett
Lloyd Doggett
Texas(Democrat)
Bonnie Watson Coleman
Bonnie Watson Coleman
New Jersey(Democrat)
Frederica S. Wilson
Frederica S. Wilson
Florida(Democrat)
Debbie Wasserman Schultz
Debbie Wasserman Schultz
Florida(Democrat)
Maxine Waters
Maxine Waters
California(Democrat)

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