1. Short title This Act may be cited as the Stop Outsourcing and Create American Jobs Act of 2017 . 2. Identifying corporate tax haven countries and increasing penalties for tax evasion practices in haven countries that ship United States jobs overseas Not later than one year after the date of the enactment of this Act, the Secretary of the Treasury shall develop and publish a list of countries the Secretary determines to be corporate tax haven countries. In developing such list, the Secretary may consider the following criteria: (1) Tax rate in the country. (2) Lack of effective exchange of information between governments. (3) Lack of transparency in financial services sector. (4) Lack of requirements of substantial economic activity. (5) Incentives which may encourage a United States corporation to invest abroad rather than domestically. (6) Other factors deemed relevant by the Secretary. The Secretary shall review and update such list every 3 years. 3. Increase in penalties for corporate tax evasion practices concerning returns, documents, and activities relating to tax haven countries (a) Accuracy-Related penalty on underpayments Section 6662 of the Internal Revenue Code of 1986 is amended by adding at the end the following: (l) Increase in penalty in case of tax haven countries (1) In general In the case of any portion of an underpayment by a corporation for a taxable year which involves an undisclosed foreign financial asset located in a tax haven country at any time during such taxable year, subsection (a) shall be applied with respect to such portion by substituting 60 percent for 20 percent . (2) Tax haven country For purposes of this subsection, the term tax haven country means a country on the list published under section 2(a) of the Stop Outsourcing and Create American Jobs Act of 2017 . . (b) Understatements with respect to reportable transactions Section 6662A of such Code is amended by adding at the end the following: (f) Increase in penalty in case of tax haven countries In the case of any