A bill to amend the Internal Revenue Code of 1986 to revise the export financing exception to the separate application of the foreign tax credit limitation to financial services income.

Summary

Amends Internal Revenue Code provisions relating to the export financing exception to the separate application of the foreign tax credit limitation to financial services income. Permits a taxpayer predominantly engaged in the active business of providing financial services to treat any interest derived from export financing as overall limitation income for foreign tax credit calculation purposes. (Under current law there is a special limitation for financial services income.) Revises the definition of "export financing interest" to include (and thus defer from taxation) interest derived from financing the sale for export of any qualified property manufactured, produced, grown, or extracted in the United States. (Current law applies to the same properties, but only if produced by the taxpayer or a related person.) Applies this amendment expressly to Export-Import Bank loans.

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

Timeline

1. 2 October 1987

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 2 October 1987

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 2 October 1987

  Open at official source

Sponsors

• Sen. Roth Jr., William V. [R-DE] · R · Sponsor
• Sen. Baucus, Max [D-MT] · D · Sponsor
• Sen. Moynihan, Daniel Patrick [D-NY] · D · Sponsor
• Sen. Chafee, John H. [R-RI] · R · Sponsor
• Sen. Wallop, Malcolm [R-WY] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1986 to revise the export financing exception to the separate application of the foreign tax credit limitation to financial services income.