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HR 3252 104th Congress House Taxation Business income tax Commerce Congress Congressional reporting requirements Employment tax credits Foreign Trade and International Finance Foreign corporations Foreign tax credit Imports Income tax Labor and Employment Railroad retirement plans Social Welfare Social security taxes Tax preferences Tax reform Taxation of foreign income Transportation and Public Works

American Jobs Act of 1996

Introduced: April 16, 1996 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 16, 1996
Referred to the House Committee on Ways and Means.
Apr 16, 1996
Introduced in House
 Plain-English summary Congressional Research Service

American Jobs Act of 1996 - Amends the Internal Revenue Code to include imported property income of a controlled foreign corporation within the sums added together to compute foreign base company income. Defines imported income property to include, among other things, income from manufacturing, growing, selling, renting, or leasing imported property, but exempts any foreign oil and gas income or any foreign oil-related income. Provides for a separate application of limitations on the foreign tax credit for imported property income.

Allows an employer a credit against tax, during the two-year period beginning with the day an employee starts work, equal to 20 percent of the qualified social security taxes paid or incurred by the employer for such new employee.

Directs the Secretary of the Treasury to report to the Committee on Ways and Means and the Committee on Finance recommendations on the elimination of, or changes in, business tax preferences.

What's happening now April 16, 1996

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3