No Tax Breaks for Outsourcing Act

This bill makes significant changes to US corporate tax rules to prevent tax avoidance through foreign operations. It requires corporations to calculate foreign income tax liabilities country-by-country, limits interest deductions for large international financial reporting groups, and modifies rules for "inverted corporations" (where US companies move tax residence abroad). The bill also creates new rules treating foreign corporations managed primarily in the US as domestic corporations for tax purposes. These changes aim to close tax loopholes related to outsourcing and foreign tax planning.