S 1355
104th Congress
Senate
Taxation
Commerce
Foreign Trade and International Finance
Foreign corporations
Foreign tax credit
Imports
Income tax
Law
Lease and rental services
Leases
Licenses
Taxation of foreign income
American Jobs and Manufacturing Preservation Act of 1995
Introduced: October 23, 1995
See on congress.gov
Everywhere this bill has been
4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 28, 1996
Sponsor introductory remarks on measure. (CR S1385-1386)
Oct 23, 1995
Read twice and referred to the Committee on Finance.
Oct 23, 1995
Sponsor introductory remarks on measure. (CR S15498)
Oct 23, 1995
Introduced in Senate
Plain-English summary
American Jobs and Manufacturing Preservation Act of 1995 - Amends the Internal Revenue Code to include imported property income of a controlled foreign corporation or related person as foreign base company income. Defines imported property income as income from: (1) manufacturing, producing, growing, or extracting imported property; (2) the sale, exchange, or other disposition of imported property; or (3) the lease, rental, or licensing of imported property.
Requires the separate application of the limitation on the foreign tax credit on imported property income. Applies the look-thru rules in the case of controlled foreign corporations to such income.
What's happening now
Sponsor introductory remarks on measure. (CR S1385-1386)
Committees of jurisdiction
1
Cosponsors
1