A bill to amend the Internal Revenue Code of 1986 to provide for the taxation of income of controlled foreign corporations attributable to imported property.

Summary

Amends the Internal Revenue Code to include in foreign base company income, for purposes of determining the foreign trade income of controlled foreign corporations, imported property income. Defines "imported property income" as, with certain exceptions, income attributable to property manufactured outside of the United States and imported for sale into the United States. Provides for a separate application of limitations on the foreign tax credit for imported property income.

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Timeline

1. 3 May 2007

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 3 May 2007

   Introduced

   Sponsor introductory remarks on measure. (CR S5571)

   Source: IntroReferral

3. 3 May 2007

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 3 May 2007 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 3 May 2007

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 3 May 2007

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 3 May 2007

  Open at official source

Sponsors

• Rep. Dorgan, Byron L. [D-ND-At Large] · D · Sponsor
• Sen. Mikulski, Barbara A. [D-MD] · D · Sponsor
• Richard Durbin · D · Sponsor
• Sen. Stabenow, Debbie [D-MI] · D · Sponsor
• Sen. Rockefeller, John D., IV [D-WV] · D · Sponsor
• Sen. Levin, Carl [D-MI] · D · Sponsor
• Sen. Feinstein, Dianne [D-CA] · D · Sponsor
• Rep. Johnson, Tim [D-SD-At Large] · D · Sponsor
• Rep. Harkin, Tom [D-IA-5] · D · Sponsor
• Sen. Feingold, Russell D. [D-WI] · D · Sponsor
• Sen. Leahy, Patrick J. [D-VT] · D · Sponsor
• Sen. Kohl, Herb [D-WI] · D · Sponsor
• Sen. Kennedy, Edward M. [D-MA] · D · Sponsor
• Sheldon Whitehouse · D · Cosponsor
• Bernie Sanders · I · Cosponsor
• Sen. Brown, Sherrod [D-OH] · D · Cosponsor
• · ssfi00 · Standing

Related records

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