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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 Jan 16, 2015.
Free Trade With Cuba Act Amends the Foreign Assistance Act of 1961 to repeal the embargo on trade with Cuba. Prohibits the exercise by the President with respect to Cuba of certain authorities conferred by the Trading With the Enemy Act and exercised on July 1, 1977, as a result of a specified national emergency. Makes ineffective any prohibition on exports to Cuba under the Export Administration Act of 1979. Authorizes the President to impose export controls with respect to Cuba and exercise certain authorities under the International Emergency Economic Powers Act only on account of an unusual and extraordinary threat to U.S. national security that did not exist before enactment of this Act. Repeals: (1) the Cuban Democracy Act of 1992, (2) the Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996, (3) the prohibition under the Food Security Act of 1985 against allocation of the annual sugar quota to any country unless its officials verify that it does not import for reexport to the United States any sugar produced in Cuba, and (4) the prohibition under the Department of Commerce and Related Agencies Appropriations Act, 1999 on transactions or payments respecting certain U.S. intellectual property. Amends the Trade Sanctions Reform and Export Enhancement Act of 2000 to remove Cuba from the list of state sponsors of terrorism subject to agricultural and medical export restrictions. Amends the Internal Revenue Code to terminate the denial of foreign tax credit with respect to Cuba. Authorizes common carriers to install and repair telecommunications equipment and facilities in Cuba, and otherwise provide telecommunications services between the United States and Cuba. Prohibits regulation or banning of travel to and from Cuba by U.S. citizens or residents, or of any transactions incident to travel. Directs the U.S. Postal Service to provide direct mail service to and from Cuba. Urges the President to take all necessary steps to conduct negotiations with the Government of Cuba to: (1) settle claims of U.S. nationals against Cuba for the taking of property, and (2) secure protection of internationally recognized human rights.