Skip to main content
S 1070 108th Congress Senate Taxation Administrative procedure Affiliated corporations Commerce Corporate management Corporation taxes Department of the Treasury Executives Foreign Trade and International Finance Foreign corporations Government Operations and Politics Income tax International Affairs Labor and Employment Law Location of industries New York City Tax treaties Taxation of foreign income Transfer of employees

World Trade Center Zone Tax Incentive Act

Introduced: May 15, 2003 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 15, 2003
Read twice and referred to the Committee on Finance.
May 15, 2003
Introduced in Senate
 Plain-English summary Congressional Research Service
World Trade Center Zone Tax Incentive Act - Amends the Internal Revenue Code to state that if there is a qualified headquarters relocation of an eligible foreign corporation, any qualified headquarters activities of the corporation conducted in the New York Liberty Zone shall be treated as conducted outside the United States for purposes of determining: (1) the amount of any tax or withholding tax; or (2) whether the corporation has a permanent establishment within the United States for purposes of any applicable income tax treaty between the United States and any foreign country.

Sets forth "qualified headquarters relocation" criteria with respect to transfers of employees and headquarters activities.

Provides for termination and recapture of tax benefits for failure to meet such requirements.

Defines "expanded affiliated group" for purposes of this Act.

What's happening now May 15, 2003

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1