A bill to amend the Internal Revenue Code of 1954 with respect to income earned abroad by U.S. citizens living or residing abroad.

Summary

Increases the tax benefits accorded income earned abroad by United States citizens by: (1) increasing the limitation on the exclusion of such income to $20,000, and to $25,000 for individuals who have lived in foreign countries for an uninterrupted period of three years; (2) allowing these individuals to claim tax credits for foreign taxes paid against the income falling within this exclusion; (3) allowing taxpayers to still claim the exclusion when they receive the income outside of the country where it was earned in order to escape foreign taxation; and (4) removing the income from the taxpayers' tax computation, thereby excluding the income from their highest, rather than their lowest income brackets. Repeals the election to forego the exclusion of such income. Prohibits taking foreign tax credits if the taxpayer takes the standard deduction.

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

Timeline

1. 24 February 1977

   Introduced

   Introduced in House

   Source: IntroReferral

2. 24 February 1977

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

3. 24 February 1977

   Introduced

   Introduced in House

   Source: IntroReferral

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 · 24 February 1977

  Open at official source

Sponsors

• Rep. Ketchum, William M. [R-CA-18] · R · Sponsor
• Rep. Moorhead, Carlos J. [R-CA-22] · R · Cosponsor
• · hswm00 · Standing

Related records

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