A bill to discourage domestic corporations from establishing foreign manufacturing subsidiaries in order to avoid Federal taxes by including in gross income of United States shareholders in foreign corporations the retained earnings of any such subsidiary which are attributable to manufacturing operations in runaway plants or tax havens.

Summary

Amends the Internal Revenue Code to include in foreign base company income any foreign base company manufacturing related income for the taxable year. Defines "foreign base manufacturing related income" as any income derived from the sale of property by a controlled foreign corporation where the property sold was manufactured in any country other than the United States in either a tax holiday plant or in a runaway plant. Defines "tax holiday plant" and "runaway plant."

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1 official file

• Introduced in House

  summary · EN · 8 January 1987

  Open at official source

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