Fairness for American Investors Act of 2003

Summary

Fairness for American Investors Act of 2003 - Amends the Internal Revenue Code to allow a tax credit for a taxpayer other than a corporation in an amount equal to the shareholder credits determined with respect to dividends received from domestic corporations. Sets a maximum amount for the credit. Prohibits the allotting of credit in certain instances to nonresident aliens. Provides criteria for calculating a shareholder credit for a dividend. Classifies any shareholder credit determined under this Act as a tax paid by the relevant corporation. Includes a taxpayer's shareholder credits in gross income. Permits a corporation to deduct 100 percent of the amount received as dividends from a domestic corporation (presently the Code allows a deduction of 70 percent or 100 percent, depending on the type of dividend). Increases, from 70 to 100 percent, the amount a corporation is allowed to deduct with respect to dividends on certain preferred stock.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 8 January 2003

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• Introduced in House (PDF)

  Introduced in House · EN · 8 January 2003

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• Introduced in House

  summary · EN · 8 January 2003

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