S 1284
110th Congress
Senate
Taxation
Commerce
Foreign Trade and International Finance
Foreign corporations
Foreign tax credit
Imports
Income tax
Taxation of foreign income
A bill to amend the Internal Revenue Code of 1986 to provide for the taxation of income of controlled foreign corporations attributable to imported property.
Introduced: May 3, 2007
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 3, 2007
Read twice and referred to the Committee on Finance.
May 3, 2007
Sponsor introductory remarks on measure. (CR S5571)
May 3, 2007
Introduced in Senate
Plain-English summary
Amends the Internal Revenue Code to include in foreign base company income, for purposes of determining the foreign trade income of controlled foreign corporations, imported property income. Defines "imported property income" as, with certain exceptions, income attributable to property manufactured outside of the United States and imported for sale into the United States. Provides for a separate application of limitations on the foreign tax credit for imported property income.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1