HR 4304
102th Congress
House
Taxation
Corporation taxes
Foreign Trade and International Finance
Foreign corporations
Imports
Income tax
Minimum tax
Price discrimination
Tax credits
Tax rates
To amend the Internal Revenue Code of 1986 to enhance tax equity and fairness by imposing an alternative minimum tax on corporations importing products into the United States at artificially inflated prices.
Introduced: February 25, 1992
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 25, 1992
Referred to the House Committee on Ways and Means.
Feb 25, 1992
Introduced in House
Plain-English summary
Amends the Internal Revenue Code to impose an alternative minimum tax (AMT) on certain corporations equal to five percent of their net business receipts for a taxable year. Imposes such tax on a corporation (foreign or domestic), if: (1) its gross sales in the United States of manufactured parts or products exceeded $10,000,000; (2) it imported such products with a customs value in excess of $10,000,000 ("artifically inflated prices"); and (3) its tax obligation under this AMT exceeds its total tax obligation.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1