To amend the Internal Revenue Code of 1986 to deny any deduction for equipment or personnel moved outside the United States in connection with closing a business in the United States and to repeal the foreign tax credit.

Amends the Internal Revenue Code to deny a tax deduction, in the case of a taxpayer engaged in a trade or business, for: (1) expenses incurred in moving property or employees outside the United States in connection with the reduction of any business operation in the United States; (2) remuneration or other expense associated with such employees' presence outside the United States; or (3) exhaustion, wear and tear, obsolescence, amortization, or depletion with respect to such property as long as such property remains outside the United States.

Repeals the foreign tax credit.