HR 1769 108th Congress House Taxation Accounting Affiliated corporations Agricultural cooperatives Agriculture and Food Arts, Culture, Religion Commerce Computer software Corporation taxes Export subsidies Finance and Financial Sector Foreign Trade and International Finance Foreign corporations Income tax Manufacturing industries Minimum tax Motion pictures Partnerships Science, Technology, Communications Sound recording and reproducing

Job Protection Act of 2003

Introduced: April 11, 2003 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Apr 12, 2003

Sponsor introductory remarks on measure. (CR E773-774)

Apr 11, 2003

Referred to the House Committee on Ways and Means.

Apr 11, 2003

Introduced in House

Plain-English summary Congressional Research Service

Job Protection Act of 2003 - Amends the Internal Revenue Code to repeal the foreign sales corporation/extraterritorial income (FSC/ETI) exclusion, with an exemption for certain binding contracts in effect before the date of enactment of this Act.

Permits a foreign corporation that elected to be treated as a domestic corporation to revoke such election and be treated as a domestic corporation transferring its property to a foreign corporation with no gain recognized on such transfer.

Provides: (1) a transitional 2004 through 2008 sliding-scale deduction for an FSC/ETI beneficiary based on the corporation's 2001 FSC/ETI benefit; and (2) special rules for 2003 and for fiscal year taxpayers. Defines "FSC/ETI benefit."

Allows a deduction for income attributable to U.S. production activities equal to ten percent of qualified production activities. Provides a 2006 through 2009 phase-in period. Defines "qualified production activities" as: (1) the portion of the modified taxable income attributable to domestic activities; and (2) the domestic/foreign fraction.

Sets forth related provisions with respect to: (1) determination of income attributable to domestic production activities; (2) domestic production gross receipts; (3) qualifying production property; (4) domestic/foreign fraction; and (5) special rules.

What's happening now April 12, 2003

Sponsor introductory remarks on measure. (CR E773-774)

Committees of jurisdiction 1