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United States · Bill · HR

H.R. 6685 (94th)

Tax Neutrality Act

referredUnited States· United States Congress· EN

Introduced

5 May 1975

Last action

5 May 1975 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Vanik, Charles A. [D-OH-22], Rep. Bonker, Don [D-WA-3], Rep. Brown, George E., Jr. [D-CA-36], Rep. Carney, Charles J. [D-OH-19], Rep. Dent, John H. [D-PA-21], Rep. Downey, Thomas J. [D-NY-2], Rep. Hicks, Floyd V. [D-WA-6], Rep. Howe, Allan [D-UT-2], Rep. Long, Clarence D. [D-MD-2], Rep. Neal, Stephen L. [D-NC-5], Rep. O'Hara, James G. [D-MI-12], Rep. Rosenthal, Benjamin S. [D-NY-8], Rep. Ryan, Leo J. [D-CA-11], Rep. Scheuer, James H. [D-NY-11], Rep. Schroeder, Patricia [D-CO-1], Rep. Seiberling, John F. [D-OH-14], Rep. Stark, Fortney Pete [D-CA-9], Rep. Studds, Gerry E. [D-MA-12], Rep. Zeferetti, Leo C. [D-NY-15]

Subjects

Discovery layer

Source updated

2 September 2025

Official sourceView documentsShare

Summary

Tax Neutrality Act - Repeals, under the Internal Revenue Code, the special tax credit granted with respect to dividends received by shareholders owning stock in foreign Lesser Developed Country Holding Companies. Eliminates the special deduction for Western Hemisphere Trade Corporations. Imposes a tax on the undistributed profits of foreign corporations to such corporations' United States shareholders based on each shareholders' prorata share of such undistributed profits. Excludes from gross income distributions to shareholders which have been previously taxed. Authorizes the Secretary of the Treasury to require shareholders of controlled foreign corporations to maintain records and accounts necessary to achieve the purposes of this Act. Repeals the tax exemption presently permitted to Domestic International Sales Corporations.

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

Timeline

  1. 5 May 1975

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 5 May 1975

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 5 May 1975

    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

Sponsors

Related records

Sources

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