PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Feb 27, 2018
No Tax Breaks for Outsourcing Act
This bill amends the Internal Revenue Code, with respect to the taxation of the foreign-source income of domestic corporations, to:
eliminate an exemption for certain returns from tangible investments made overseas,
eliminate deductions for a domestic corporation's foreign-derived intangible income and global intangible low-taxed income,
repeal a provision that excludes foreign oil and gas extraction income from the tested income of a controlled foreign corporation,
limit the tax deduction for the interest expenses of a U.S. corporation that is a member of a financial reporting group (i.e., a group that prepares consolidated financial statements according to generally accepted accounting principles or international financial reporting standards),
modify the rules for the taxation of inverted corporations (U.S. corporations that acquire foreign companies to reincorporate in a foreign jurisdiction with income tax rates lower than the United States), and
treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes.
People & committees
Sen. Whitehouse, Sheldon [D-RI] · D–RI
Legislative record
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Read twice and referred to the Committee on Finance.
Introduced in Senate
Primary sources
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Source last updated: Jan 10, 2026. Consult Congress.gov for the current record.
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