S 1647
102th Congress
Senate
Taxation
Foreign Trade and International Finance
Foreign tax credit
Income tax
Local taxation
State taxation
Tax deductions
A bill to amend the Internal Revenue Code of 1986 to provide that the deduction for State and local income and franchise taxes shall not be allocated to foreign source income.
Introduced: August 2, 1991
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 2, 1991
Read twice and referred to the Committee on Finance.
Aug 2, 1991
Introduced in Senate
Plain-English summary
Amends the Internal Revenue Code to provide that, for purposes of computing the foreign tax credit, any deduction for State or local income or franchise tax shall not be allocated or apportioned to gross income from sources outside the United States.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1