A bill to amend the Internal Revenue Code of 1954 to repeal the 30 per centum tax on interest received by foreigners on certain portfolio debt investments which operates as a tariff to prevent such investments from entering the United States.

Summary

Amends the Internal Revenue Code to exempt from the 30 percent tax on the income of nonresident alien individuals and foreign corporations any interest received from certain portfolio debt investments. Makes such exemptions inapplicable upon a determination by the Secretary of the Treasury that the exchange of information between the United States and a foreign country is inadequate to prevent income tax evasion. Excludes from the gross estate of a nonresident alien for purposes of the estate tax, any interest eligible for the income tax exemption under this Act.

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

Timeline

1. 17 May 1983

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 17 May 1983

   Introduced

   Introduced in House

   Source: IntroReferral

3. 17 May 1983

   Introduced

   Introduced in House

   Source: IntroReferral

4. 1 May 1984

   Committee

   Committee Hearings Held.

   Source: Committee

5. 27 June 1984

   Committee

   See H.R.4170.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 17 May 1983

  Open at official source

Sponsors

• Rep. Gibbons, Sam [D-FL-7] · D · Sponsor
• Rep. Conable, Barber B., Jr. [R-NY-35] · R · Sponsor
• Rep. Forsythe, Edwin B. [R-NJ-6] · R · Cosponsor
• Rep. Holt, Marjorie S. [R-MD-4] · R · Cosponsor
• Rep. Winn, Larry, Jr. [R-KS-3] · R · Cosponsor
• Rep. Matsui, Robert T. [D-CA-3] · D · Cosponsor
• Rep. LaFalce, John J. [D-NY-36] · D · Cosponsor
• Rep. Horton, Frank J. [R-NY-34] · R · Cosponsor
• Rep. Frenzel, Bill [R-MN-3] · R · Cosponsor
• Rep. Goodling, William F. [R-PA-19] · R · Cosponsor
• Rep. Simon, Paul [D-IL-24] · D · Cosponsor
• Rep. Thomas, William M. [R-CA-20] · R · Cosponsor
• Rep. Clinger, William F., Jr. [R-PA-23] · R · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Deficit Reduction Act of 1984