No Tax Breaks for Outsourcing Act amends the Internal Revenue Code to include net CFC tested income in current year taxation.
The No Tax Breaks for Outsourcing Act amends the Internal Revenue Code to require the current year inclusion of net CFC tested income. It repeals the tax-free deemed return on investments and modifies rules relating to inverted corporations. The bill also limits the deduction of interest by domestic corporations that are members of an international financial reporting group. It applies a country-by-country application of the limitation on foreign tax credit based on taxable units.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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