HR 775 105th 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 Legislation Railroad retirement plans Social Welfare Social security taxes Tax preferences Taxation of foreign income Transportation and Public Works

American Jobs Act

Introduced: February 13, 1997 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 13, 1997

Referred to the House Committee on Ways and Means.

Feb 13, 1997

Introduced in House

Plain-English summary Congressional Research Service

American Jobs Act - 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 February 13, 1997

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1