A bill to amend the Internal Revenue Code of 1954 to increase the competitiveness of American firms operating abroad and to help increase markets for U. S. exports.

Summary

Amends the Internal Revenue Code to increase from $20,000 to $60,000 annually the earned income exclusion for United States citizens working abroad who are bona fide residents of a foreign country. Reduces from 17 to 11 months the residency requirement for such exclusion. Waives such requirement if the Secretary of the Treasury determines that such citizens who would otherwise qualify for the exclusion were forced to leave a foreign country before they had resided 11 consecutive months because of civil unrest, war, or other adverse conditions precluding the normal conduct of business. Reduces from 17 to 11 months the foreign residency requirement with respect to the deduction for certain housing expenses of living abroad. Revises the formula for determining the base housing amount with regard to such deduction to make it 16 percent of the salary of a GS-14, step 1. Repeals similar deductions for cost-of-living differential, schooling expenses, home leave travel expenses, and residence in a hardship area.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 12 March 1980

  Open at official source

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