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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Apr 9, 2003.
Amends the Foreign Assistance Act of 1961 and other specified Federal law to repeal the embargo placed upon all trade with Cuba.
Amends the Internal Revenue Code to declare the denial of foreign tax credit inapplicable to Cuba.Permits: (1) installation and maintenance of telecommunications equipment and facilities in Cuba, including telecommunications services between the United States and Cuba; and (2) travel to and from Cuba by U.S. citizens or residents.Requires the U.S. Postal Service to provide direct mail service to and from Cuba. Prohibits U.S. assistance to Cuba, including assistance by the Export-Import Bank, the Overseas Private Investment Corporation, and the Commodity Credit Corporation, and any exchange, reduction, or forgiveness of Cuban debt.