1. Short title
This Act may be cited as the “Close Tax Loopholes That Outsource American Jobs Act”.
Close Tax Loopholes That Outsource American Jobs Act
A BILL
To amend the Internal Revenue Code of 1986 to eliminate tax preferences for foreign profits by repealing the reduced rate of tax on foreign-derived intangible income and global intangible low-taxed income.
2. Repeal of reduced rate of tax on foreign-derived intangible income and global intangible low-taxed income
In general— Part VIII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 250 (and by striking the item relating to such section in the table of sections of such part).
Conforming amendments—
Section 172(d) of such Code is amended by striking paragraph (9).
Section 246(b)(1) of such Code is amended—
by striking “subsection (a) and (b) of section 245, and section 250” and inserting “and subsection (a) and (b) of section 245”; and
by striking “subsection (a) and (b) of section 245, and 250” and inserting “and subsection (a) and (b) of section 245”.
Section 469(i)(3)(F)(iii) of such Code is amended by striking “222, and 250” and inserting “and 222”.
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2017.