To amend the Internal Revenue Code of 1986 to deny any deduction for equipment or personnel moved outside the United States in connection with closing a business in the United States and to repeal the foreign tax credit.

Summary

Amends the Internal Revenue Code to deny a tax deduction, in the case of a taxpayer engaged in a trade or business, for: (1) expenses incurred in moving property or employees outside the United States in connection with the reduction of any business operation in the United States; (2) remuneration or other expense associated with such employees' presence outside the United States; or (3) exhaustion, wear and tear, obsolescence, amortization, or depletion with respect to such property as long as such property remains outside the United States. Repeals the foreign tax credit.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 30 April 1992

  Open at official source

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