A bill to encourage exports and the expansion of export trade services by providing for special provisions on taxation of export trading companies.

Summary

Amends the Internal Revenue Code of 1954 to make banking organizations which have invested in an export trading company eligible for treatment as domestic international sales corporations (DISC). Includes the gross receipts from the export of services produced in the United States and from export trade services as qualified export receipts, in the case of a DISC which is an export trading company. Directs the Secretary of Commerce, with the Secretary of the Treasury, to develop and distribute information concerning the utilization of the DISC provisions. Amends the Internal Revenue Code of 1954 to make export trading companies eligible for Subchapter S treatment if the shareholders of such companies are otherwise small business corporations. Exempts such companies from restrictions on the amount of foreign income they can receive and still be eligible for Subchapter S tax treatment.

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

Timeline

1. 22 May 1980

   Introduced

   Introduced in Senate

   Source: IntroReferral

2. 22 May 1980

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 22 May 1980

  Open at official source

Sponsors

• Sen. Bentsen, Lloyd M. [D-TX] · D · Sponsor
• Sen. Stevenson, Adlai E., III [D-IL] · D · Cosponsor
• Sen. Heinz, John [R-PA] · R · Cosponsor
• Sen. Danforth, John C. [R-MO] · R · Cosponsor
• · ssfi00 · Standing

Related records

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