The No Tax Breaks for Outsourcing Act amends the Internal Revenue Code to eliminate tax benefits for corporations that outsource jobs and operations.

The No Tax Breaks for Outsourcing Act amends the Internal Revenue Code to eliminate tax benefits for corporations that outsource jobs and operations overseas. It includes provisions to ensure that corporations with significant business activities in the U.S. are taxed as domestic corporations, even if they are managed from overseas. The bill also modifies rules for determining the foreign tax credit and the inclusion of net controlled foreign corporation tested income. These changes apply to taxable years beginning after December 31, 2024.

The No Tax Breaks for Outsourcing Act amends the Internal Revenue Code to eliminate tax benefits for corporations that outsource jobs and operations.

The No Tax Breaks for Outsourcing Act amends the Internal Revenue Code to eliminate tax benefits for corporations that outsource jobs and operations overseas. It includes provisions to ensure that corporations with significant business activities in the U.S. are taxed as domestic corporations, even if they are managed from overseas. The bill also modifies rules for determining the foreign tax credit and the inclusion of net controlled foreign corporation tested income. These changes apply to taxable years beginning after December 31, 2024.