No Tax Breaks for Outsourcing Act

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 controlled foreign corporation (CFC) tested income, applying foreign tax credit limitations on a country-by-country basis, and repealing reduced tax rates on foreign-derived intangible income and global intangible low-taxed income. It primarily affects U.S. shareholders of foreign corporations and aims to prevent profit shifting by treating foreign corporations managed and controlled in the U.S. as domestic corporations for tax purposes. The bill also modifies rules on interest deductions,…

No official summary is available here. This one was written by AI from the bill’s text.