A bill to amend the Internal Revenue Code of 1954 to exempt from tax interest received on portfolio debt investments in United States of nonresident aliens and foreign corporations.

Summary

Amends the Internal Revenue Code to exempt from income taxation interest income received by a nonresident alien individual or foreign corporation on investments in a U.S. corporation or partnership, if such alien does not own, either directly or constructively, ten percent or more of the voting power of the corporation or ten percent or more of the capital or profits interest of the partnership. Sets forth criteria for determining the attribution of interests in such corporations or partnerships to a nonresident alien from other corporations, partnerships, or trusts. Provides for the denial of such tax exemption if the Secretary of the Treasury determines that the exchange of information between the United States and a foreign country is inadequate to enable the Secretary to identify the recipients of exempt interest income and that the exchange of such information is necessary to prevent evasion of taxes.

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Timeline

1. 11 June 1980

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 11 June 1980

   Introduced

   Introduced in House

   Source: IntroReferral

3. 11 June 1980

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 11 June 1980

  Open at official source

Sponsors

• Rep. Rostenkowski, Dan [D-IL-8] · D · Sponsor
• · hswm00 · Standing

Related records

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