A bill to amend the Internal Revenue Code of 1954 to relieve international double taxation of overseas construction projects of United States contractors.

openUnited States· United States Congress· EN

Introduced

27 June 1983

Last action

—

Status

Subcommittee on Taxation and Debt Management. Hearings held. Hearings printed: S.Hrg. 98-537.

Summary

Amends the Internal Revenue Code to allow, at the election of the taxpayer, an income tax deduction for foreign income, war profits, and excess profits taxes paid in connection with construction contract services rendered in the United States which are directly related to a construction project located in a foreign country. Requires that any amounts taken for such deduction shall not be taken into account for purposes of the foreign tax credit.

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Documents

1 official file

Introduced in Senate
summary · EN · 27 June 1983
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/98th-congress/senate-bill/1550
Open data entity: https://api.congress.gov/v3/bill/98/s/1550