Search Results: keywords:"foreign income taxation"

  • S. 409 — To amend the Internal Revenue Code of 1986 to provide for current year inclusion of net CFC tested income, and for other purposes.
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    Status:Introduced in Senate
    Words:7,857

    The No Tax Breaks for Outsourcing Act aims to amend the Internal Revenue Code of 1986 to ensure that income from foreign corporations is taxed in the current year and to limit certain tax benefits linked to foreign operations. It revises how companies can use foreign tax...

    Simple Explanation

    The No Tax Breaks for Outsourcing Act is a plan to make sure companies pay their taxes when they earn money from their business outside of the U.S., so they can't avoid taxes by moving their money or company rules around.

  • H. R. 995 — To amend the Internal Revenue Code of 1986 to provide for current year inclusion of net CFC tested income, and for other purposes.
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    Status:Introduced in House
    Words:8,333

    The No Tax Breaks for Outsourcing Act, introduced in the 119th Congress as H. R. 995, aims to amend the Internal Revenue Code of 1986. The bill targets corporate tax regulations, specifically by ensuring that U.S. shareholders include net Controlled Foreign...

    Simple Explanation

    The No Tax Breaks for Outsourcing Act is a plan to change some tax rules so that big companies can't avoid paying U.S. taxes just because they have parts of their business in other countries; this means they might need to pay more taxes here in the U.S. even if they try to do business somewhere else.