To amend the Internal Revenue Code of 1986 to provide that certain corporations whose passive income is currently taxable to their United States shareholders under section 951 of the Internal Revenue Code of 1986 will not be subject to the passive foreign investment company provisions of the Internal Revenue Code of 1986, and to eliminate the asset test for purposes of classifying a foreign corporation as a passive foreign investment company.

Summary

Amends the Internal Revenue Code with respect to capital gains to exempt from treatment as a passive foreign investment company any controlled foreign corporation whose active income is currently taxable to its U.S. shareholders as passive income. Eliminates the asset test for purposes of defining a passive foreign investment company.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 25 May 1989

   Introduced

   Introduced in House

   Source: IntroReferral

2. 25 May 1989

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

3. 25 May 1989

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

• Introduced in House · — · Download file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 25 May 1989

  Open at official source

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Sponsors

• Rep. Matsui, Robert T. [D-CA-5] · D · Sponsor
• Rep. Thomas, William M. [R-CA-21] · R · Sponsor
• Rep. Jenkins, Edgar L. [D-GA-9] · D · Sponsor
• Rep. Fazio, Vic [D-CA-3] · D · Cosponsor
• Rep. McEwen, Bob [R-OH-6] · R · Cosponsor
• Rep. Frenzel, Bill [R-MN-3] · R · Cosponsor
• Rep. Roe, Robert A. [D-NJ-8] · D · Cosponsor
• Rep. Edwards, Don [D-CA-10] · D · Cosponsor
• Rep. Miller, John R. [R-WA-1] · R · Cosponsor
• · hswm00 · Standing

Related records

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