No Tax Breaks for Outsourcing Act
In committee: it can still change before the session ends.
- Stage
- In committee
- Started in
- Senate
- Sponsors
- 21
- Latest action
- Feb 5, 2025
What it does
The No Tax Breaks for Outsourcing Act would amend the Internal Revenue Code to eliminate certain tax advantages for U.S. corporations that shift profits overseas by requiring current-year inclusion of net CFC tested income, applying foreign tax credit limitations on a country-by-country basis, and restricting deductions and credits related to foreign income. It primarily affects U.S. shareholders of controlled foreign corporations and multinational enterprises engaged in international tax planning. Key changes include repealing the reduced tax rate on global intangible low-taxed income (GILTI), eliminating foreign tax credit carrybacks, increasing deemed paid foreign tax credits, and…
AI summary · The lawmakers haven’t published an official summary of this bill yet, so 52 wrote this one from the bill’s text.
Where it stands
Introduced (Done)
Committee (Current step)
Floor (Not started)
Law (Not started)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
In the news
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Where it goes next
While a bill can still move, the questions are about people and money.