A bill to amend the Internal Revenue Code of 1986 with respect to the allocation of research and experimental expenditures.

Summary

Amends the Internal Revenue Code with respect to the allocation and apportionment of qualified research and experimental expenditures to sources within and outside the United States for income tax purposes. Requires that any such expenditures made solely to meet a political jurisdiction's legal requirements concerning products or processes unlikely to yield extrajurisdictional income be allocated only to income within that political jurisdiction. Increases from 50 to 67 percent the amount of research and experimental expenditures that a company must allocate to income from U.S. sources. Requires companies to report on a consolidated basis with respect to the expenditures associated with these source rules.

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Timeline

1. 13 June 1989

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 13 June 1989

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · undated · Official file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 13 June 1989

  Open at official source

Sponsors

• Sen. Chafee, John H. [R-RI] · R · Sponsor
• Rep. Baucus, Max [D-MT-1] · D · Sponsor
• Sen. Danforth, John C. [R-MO] · R · Sponsor
• Sen. Wallop, Malcolm [R-WY] · R · Sponsor
• Sen. Riegle, Donald W., Jr. [D-MI] · D · Sponsor
• Sen. Lautenberg, Frank R. [D-NJ] · D · Sponsor
• Sen. Boren, David L. [D-OK] · D · Sponsor
• Rep. Symms, Steven D. [R-ID-1] · R · Sponsor
• Sen. Durenberger, Dave [R-MN] · R · Sponsor
• Sen. Roth Jr., William V. [R-DE] · R · Sponsor
• Chuck Grassley · R · Sponsor
• Sen. Heinz, John [R-PA] · R · Sponsor
• Sen. Lieberman, Joseph I. [D-CT] · D · Sponsor
• Sen. Gorton, Slade [R-WA] · R · Sponsor
• Sen. Cranston, Alan [D-CA] · D · Sponsor
• Sen. McCain, John [R-AZ] · R · Sponsor
• Sen. Hatfield, Mark O. [R-OR] · R · Cosponsor
• Sen. Rockefeller, John D., IV [D-WV] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → To amend the Internal Revenue Code of 1986 with respect to the allocation of research and experimental expenditures.