< Back to H.R. 281 (104th Congress, 1995–1996)

Text of To amend the Internal Revenue Code of 1986 to reinstate the tax on interest received by foreigners on certain portfolio ...

...on certain portfolio investments.

This bill was introduced on January 4, 1995, in a previous session of Congress, but was not enacted. The text of the bill below is as of Jan 4, 1995 (Introduced).

Source: GPO

HR 281 IH

104th CONGRESS

1st Session

H. R. 281

To amend the Internal Revenue Code of 1986 to reinstate the tax on interest received by foreigners on certain portfolio investments.

IN THE HOUSE OF REPRESENTATIVES

January 4, 1995

Mr. JACOBS introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to reinstate the tax on interest received by foreigners on certain portfolio investments.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, amend the Internal Revenue Code of 1986 to reinstate the tax on interest received by foreigners on certain portfolio investments.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) the following provisions of the Internal Revenue Code of 1986 are hereby repealed:

      (1) Section 871(h) (relating to repeal of tax on interest of nonresident alien individuals received from certain portfolio debt investments).

      (2) Section 881(c) (relating to repeal of tax on interest of foreign corporations received from certain portfolio debt instruments).

      (3) Section 1441(c)(9) (relating to exception for interest income from certain portfolio debt investments).

    (b)(1) Paragraph (1) of section 871(a) of such Code is amended by striking ‘Except as provided in subsection (h), there’ and inserting ‘There’.

    (2) Subsection (a) of section 881 of such Code is amended by striking ‘Except as provided in subsection (c), there’ and inserting ‘There’.

    (3) Paragraph (2) of section 864(c) of such Code is amended by striking ‘section 871(a)(1), section 871(h), section 881(a), or section 881(c)’ and inserting ‘section 871(a)(1) or 881(a)’.

    (4) Subsection (b) of section 2105 of such Code is amended--

      (A) by inserting ‘and’ at the end of paragraph (1),

      (B) by striking ‘and’ at the end of paragraph (2) and inserting a period,

      (C) by striking paragraph (3), and

      (D) by striking ‘AND CERTAIN OTHER DEBT OBLIGATIONS’ in the subsection heading.

    (5) The last sentence of section 1442(a) of such Code is amended by striking ‘, the references in section 1441(c)(9) to sections 871(h) and 871(h)(3) shall be treated as referring to sections 881(c) and 881(c)(3)’.

    (c) The amendments made by this section shall apply to interest received after the date of the enactment of this Act with respect to obligations issued after such date.