S 409
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 managed and controlled, rather than solely based on where it’s tax resident. The bill also restricts interest deductions for corporations part of international financial reporting groups, limits foreign tax credits, and eliminates certain tax exclusions. It effectively seeks to discourage tax avoidance strategies related to outsourcing and international financial arrangements.
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