This is a “Progressive” critique from the left, not some sort of pro-corporate position.
As it is, US companies are highly disadvantaged by paying higher corporate taxes than most non-US companies—and by having to pay those taxes worldwide.
I don’t know enough about the larger bill, but this bill would stop the US from slapping its exorbitant corporate tax on all international activity of US companies—at least a start to leveling the field and freeing up US business.
The next obvious step is to reduce—or better yet, eliminate—the US corporate tax altogether. This is what is required to really make US companies competitive anyway.
This removes the pressure from corporations to reduce our corporate taxes.
Democrats get the corporate donations for doing this, and end the corporate donations to those who want to reduce the tax.
It’s a big win for ‘progressives’.