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.
11/1/2000. Amends the Internal Revenue Code to repeal subpart C (Taxation of Foreign Sales Corporations) of part III (Income From Sources Without the United States) of subchapter N ( Tax Based on Income From Sources Within or Without the United States) of chapter 1 (Normal Taxes and Surtaxes).
Excludes from gross income "extraterritorial income," except that extraterritorial income which is not qualifying "qualifying foreign trade income" shall not be excluded from gross income.
Defines "extraterritorial income" as gross income of the taxpayer attributable to "foreign trading gross receipts" of the taxpayer.
Defines "qualifying foreign trade income," with respect to any transaction, as the amount of gross income which, if excluded, will result in a reduction of the taxable income of the taxpayer from such transaction equal to the greatest of:
(1) 30 percent of the foreign sale and leasing income derived by the taxpayer from such transaction;
(2) 1.2 percent of the foreign trading gross receipts derived by the taxpayer from the transaction; or
(3) 15 percent of the foreign trade income derived by the taxpayer from the transaction.
Prohibits in any event the amount determined under clause
(2) from exceeding 200 percent of the amount determined under clause
(3). Permits an alternative computation.
Defines "foreign trading gross receipts" as the gross receipts of the taxpayer which are:
(1) from the sale, exchange, or other disposition of qualifying foreign trade property;
(2) from the lease or rental of qualifying foreign trade property for use by the lessee outside the United States;
(3) for services which are related and subsidiary to either any sale, exchange, or other disposition of qualifying foreign trade property by such taxpayer, or any lease or rental of qualifying foreign trade property described in clause
(2) by such taxpayer;
(4) for engineering or architectural services for construction projects located (or proposed for location) outside the United States; or
(5) for the performance of managerial services for a person other than a related person in furtherance of the production of foreign trading gross receipts described in clause
(3). Prohibits clause
(5) from applying to a taxpayer for any taxable year unless at least 50 percent of its foreign trading gross receipts (determined without regard to this sentence) for such taxable year is derived from activities described in clause
(3). Excludes specified receipts from the definition.
Sets forth additional definitions and rules.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.