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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      House Committee on Ways and Means
      House Committee on Oversight and Government Reform
    IntroducedJuly 18th, 2013

Bill Details

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Title

Stop Outsourcing and Create American Jobs Act of 2013

Official Title

To amend the Internal Revenue Code of 1986 to provide for the identification of corporate tax haven countries and increased penalties for tax evasion practices in haven countries that ship United States jobs overseas, and for other purposes.

Summary

Stop Outsourcing and Create American Jobs Act of 2013 - Directs the Secretary of the Treasury to develop and publish a list of countries that are tax havens for corporations. Amends the Internal Revenue Code to increase the penalties on corporations for: (1) underpayment of tax involving an undisclosed foreign financial asset located in a tax haven country; (2) reportable transaction understatements involving transactions in a tax haven country; and (3) fraud, tax evasion, or false statements involving transactions in a tax haven country. Grants a preference in the award of federal contracts to contractors who have not engaged in outsourcing. Defines "outsourcing" as the laying off of a U.S. worker from a job and the hiring or contracting for the same job to be performed in a foreign country. Requires revenues generated by this Act to be set aside for the reduction of the public debt.

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