We don’t have a summary available yet.
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Oct 22, 2015.
Stop Outsourcing and Create American Jobs Act of 2015
This bill directs the Department of the Treasury to develop and publish a list of countries that are tax havens for corporations.
The bill 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.
The bill: (1) grants a preference in the award of federal contracts to contractors who have not engaged in outsourcing, and (2) 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.
Revenues generated by this Act must be set aside for the reduction of the public debt.