Foreign Tax Compliance Act of 1994

Summary

Foreign Tax Compliance Act of 1994 - Amends the Internal Revenue Code to include in the taxation of controlled foreign corporations income attributable to imported property. Requires the separate application of limitations on the foreign tax credit for imported property income. Expresses the sense of the Congress that deficit reduction should be achieved in part by ending loopholes and enforcement breakdowns that foster the underpayment of taxes on income from cross-border transactions and enable foreign-controlled corporations operating in the United States, and foreign persons investing in the United States, to pay no taxes.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 29 July 1994

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 29 July 1994

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• Introduced in Senate

  summary · EN · 29 July 1994

  Open at official source

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