H.R. 3025 (98th): A bill to amend the Internal Revenue Code of 1954 to repeal the 30 per centum tax on interest received by foreigners on certain portfolio debt investments which operates as a tariff to prevent such investments from entering the United States.

Introduced:
May 17, 1983 (98th Congress, 1983–1984)
Sponsor:
Rep. Sam Gibbons [D-FL7]
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 May 17, 1983, in a previous session of Congress, but was not enacted.

Progress
Introduced May 17, 1983
Cosponsors
12 cosponsors (9R, 3D) (show)
Committees

House Ways and Means

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

Summary

No summaries available.

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.

5/17/1983--Introduced.
Amends the Internal Revenue Code to exempt from the 30 percent tax on the income of nonresident alien individuals and foreign corporations any interest received from certain portfolio debt investments. Makes such exemptions inapplicable upon a determination by the Secretary of the Treasury that the exchange of information between the United States and a foreign country is inadequate to prevent income tax evasion. Excludes from the gross estate of a nonresident alien for purposes of the estate tax, any interest eligible for the income tax exemption under this Act.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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