A bill to amend the Internal Revenue Code of 1986 to provide that the deduction for State and local income and franchise taxes shall not be allocated to foreign source income.

Summary

Amends the Internal Revenue Code to provide that, for purposes of computing the foreign tax credit, any deduction for State or local income or franchise tax shall not be allocated or apportioned to gross income from sources outside the United States.

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

Timeline

1. 2 August 1991

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 2 August 1991

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 2 August 1991

  Open at official source

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Sponsors

• Sen. Baucus, Max [D-MT] · D · Sponsor
• Sen. Grassley, Chuck [R-IA] · R · Sponsor
• Sen. Pryor, David H. [D-AR] · D · Sponsor
• Sen. Chafee, John H. [R-RI] · R · Sponsor
• Sen. Boren, David L. [D-OK] · D · Sponsor
• Sen. Symms, Steven D. [R-ID] · R · Cosponsor
• Sen. Cochran, Thad [R-MS] · R · Cosponsor
• Sen. Wallop, Malcolm [R-WY] · R · Cosponsor
• Sen. Lott, Trent [R-MS] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → To amend the Internal Revenue Code of 1986 to provide that the deduction for State and local income and franchise taxes shall not be allocated to foreign source income.