S 714
No Tax Breaks for Outsourcing Act
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Bill overview
The No Tax Breaks for Outsourcing Act aims to limit tax benefits for companies that shift operations and profits overseas. It modifies how foreign income is taxed, including increasing the inclusion of ‘net CFC tested income’ in U.S. tax calculations, applying country-by-country limitations on foreign tax credits, and restricting interest deductions for international financial reporting groups. The bill also addresses inverted corporations and treats certain foreign corporations managed primarily in the U.S. as domestic for tax purposes, effectively reducing incentives for tax avoidance strategies.
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