HR 2550
107th Congress
House
Taxation
American Samoa
Business income tax
Commerce
Corporation taxes
Dividends
Finance and Financial Sector
Foreign Trade and International Finance
Foreign corporations
Foreign investments
Guam
Income tax
Law
Licenses
Manufacturing industries
Northern Mariana Islands
Puerto Rico
Stockholders
Tax exclusion
Territories (U.S.)
Economic Revitalization Tax Act of 2001
Introduced: July 18, 2001
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 18, 2001
Referred to the House Committee on Ways and Means.
Jul 18, 2001
Sponsor introductory remarks on measure. (CR E1358)
Jul 18, 2001
Introduced in House
Plain-English summary
Economic Revitalization Tax Act of 2001 - Amends Internal Revenue Code provisions concerning investment of earnings in U.S. property to set forth a separate rule governing any foreign corporation which is a controlled foreign corporation and is created or organized under the laws of, or engaged in the active conduct of a trade or business within, the Commonwealth of Puerto Rico or a possession of the United States.
Provides that in the case of certain dividends received by a domestic corporation from such a corporation, there shall be allowed as a deduction an amount equal to 85 percent of such dividend.
Establishes a safe harbor rule for certain transfers or licenses of intangible property to such a corporation.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1