Senate Bill May Increase Your Tax Prep Bill
Senate Bill 2976 would impose a 25% excise tax on foreign outsourced services and eliminate the tax deduction on those costs.
Senate Bill S2976 titled Halting International Relocation of Employment (HIRE) Act was introduced by Senator Bernie Moreno (R-OH) recently.
The Bill would call for the following changes to the Tax Code:
Impose a 25% excise tax on any services provided by foreign outsourcing companies that directly or indirectly benefit U.S. consumers, and
Eliminate the deduction for payment of those services.
