H.R.2740 - Stop Outsourcing and Create American Jobs Act of 2013113th Congress (2013-2014)
Summary: H.R.2740 — 113th Congress (2013-2014)
Introduced in House (07/18/2013)
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.