H.R. 305 · 114th Congress
Offshoring Prevention Act
- Stage
- In committee
- Sponsor
- David Cicilline
- Introduced
- 2015-01-13
- Latest action
- 2015-01-13 · Introduced in House
Summary
Offshoring Prevention Act
Amends the Internal Revenue Code to include in foreign base company income, for purposes of determining the foreign trade income of controlled foreign corporations, imported property income. Defines "imported property income" as, with certain exceptions, income attributable to property manufactured outside of the United States and imported for sale into the United States. Provides for a separate application of limitations on the foreign tax credit for imported property income.