A bill to amend the Internal Revenue Code of 1954 relating to the application of DISC rules to export trading companies, and for other purposes.

Summary

Amends the Internal Revenue Code to qualify for treatment as domestic international sales corporations (DISC), banking organizations which invest in the voting stock of an export trading company. Defines "export trading company" as a company organized and operated for the purposes of: (1) exporting goods or services produced in the United States (services at least 50 percent of the fair market value of which is attributable to the United States); and (2) facilitating the exportation of such goods and services by unaffiliated persons through the use of certain export trade services. Includes as qualified export receipts, in the case of a DISC which is an export trading company, the gross receipts from the export of services produced in the United States and from export trade services. Directs the Secretary of Commerce, after consultation with the Secretary of the Treasury, to prepare and distribute information regarding the treatment of export trading companies under the DISC provisions of the Internal Revenue Code. Permits an export trading company to qualify as a subchapter S corporation without regard to the minimum number of shareholders required if the shareholders are otherwise eligible small business corporations. Exempts such companies from restrictions on the amount of foreign income they may receive without terminating their status as subchapter S corporations.

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1 official file

• Introduced in House

  summary · EN · 12 May 1981

  Open at official source

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