HR 995
No Tax Breaks for Outsourcing Act
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Bill overview
The No Tax Breaks for Outsourcing Act aims to limit tax benefits currently available to companies that shift jobs and profits overseas. Specifically, it modifies the rules for calculating ‘Controlled Foreign Corporations’ (CFCs) to ensure that income is taxed in the country where the corporation is actually operated, rather than solely based on where it’s registered. The bill also restricts interest deductions for multinational corporations involved in international financial reporting groups, limits foreign tax credits, and eliminates certain exclusions from tested income calculations. It ultimately seeks to discourage corporate tax avoidance strategies related to outsourcing.
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