A bill to amend the Internal Revenue Code of 1954 to deny certain tax benefits to imported machinery and equipment, and for other purposes.

Summary

Amends the Internal Revenue Code to deny the investment tax credit for imported property. Revises the accelerated cost recovery system and reduces the recovery percentage with respect to imported property. Defines imported property as any property: (1) which was completed outside the United States; or (2) less than 50 percent of the basis of which is attributable to value added within the United States. Extends the investment tax credit to certain buildings and their structural components, the original use of which commences with the taxpayer. Includes in the gross income of U.S. shareholders of controlled foreign corporations a pro rata share of such corporation's earnings and profits. Sets forth the method of determining such pro rata share.

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

Timeline

1. 5 May 1982

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 5 May 1982

   Introduced

   Introduced in House

   Source: IntroReferral

3. 5 May 1982

   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 · 5 May 1982

  Open at official source

Sponsors

• Rep. Hunter, Duncan [R-CA-52] · R · Sponsor
• Rep. Dreier, David [R-CA-26] · R · Sponsor
• · hswm00 · Standing

Related records

No cross-record relationships stored yet.