H.R. 4562 (102nd): Overseas American Economic Competition Enhancement Act of 1992

Introduced:
Mar 25, 1992 (102nd Congress, 1991–1992)
Sponsor:
Rep. William “Bill” Alexander Jr. [D-AR1]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on March 25, 1992, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 25, 1992
Cosponsors
1 cosponsors (1R) (show)
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Internal Revenue Code of 1986 to expand the types of foreign source income which may be excluded from gross income by individual citizens and residents of the United States living abroad.

Summary

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Text

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Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

3/25/1992--Introduced.
Overseas American Economic Competition Enhancement Act of 1992 - Amends Internal Revenue Code provisions relating to the taxable income of certain U.S. citizens or residents living abroad. Excludes from the gross income of qualifying individuals (thus exempting from income tax), in addition to foreign earned income, the following items: (1) U.S. earned income and certain capital gain net income during the period of a temporary stay or stays (not exceeding a total of 183 days) in the United States; (2) foreign income other than compensation for labor or personal services; (3) U.S. income not effectively connected with a U.S. trade or business; and (4) gain from the disposition of a U.S. real property interest. Revises the criteria under which an individual qualifies for these tax exclusions to make eligible a U.S. citizen or resident who, during any 18-month period (currently 12 months), is present in a foreign country or countries during at least 510 full days (currently 330).

House Republican Conference Summary

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House Democratic Caucus Summary

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