HR 4986 RFS

106th CONGRESS

2d Session

H. R. 4986

IN THE SENATE OF THE UNITED STATES

September 14, 2000

Received; read twice and referred to the Committee on Finance


AN ACT

To amend the Internal Revenue Code of 1986 to repeal the provisions relating to foreign sales corporations (FSCs) and to exclude extraterritorial income from gross income.

SECTION 1. SHORT TITLE.

SEC. 2. REPEAL OF FOREIGN SALES CORPORATION RULES.

SEC. 3. TREATMENT OF EXTRATERRITORIAL INCOME.

`SEC. 114. EXTRATERRITORIAL INCOME.

`Subpart E--Qualifying Foreign Trade Income

`Sec. 941. Qualifying foreign trade income.

`Sec. 942. Foreign trading gross receipts.

`Sec. 943. Other definitions and special rules.

`SEC. 941. QUALIFYING FOREIGN TRADE INCOME.

`SEC. 942. FOREIGN TRADING GROSS RECEIPTS.

`SEC. 943. OTHER DEFINITIONS AND SPECIAL RULES.

SEC. 4. TECHNICAL AND CONFORMING AMENDMENTS.

`Sec. 114. Extraterritorial income.'.

`Subpart E. Qualifying foreign trade income.'.

SEC. 5. EFFECTIVE DATE.

Passed the House of Representatives September 13, 2000.

Attest:

JEFF TRANDAHL,

Clerk.

END