A bill to amend the Internal Revenue Code of 1954 to increase the amount and availability of the exclusion for earned income from sources without the United States.

Summary

Amends the Internal Revenue Code to increase from $20,000 to $50,000 annually the earned income exclusion for U.S. citizens working abroad who are bona fide residents of a foreign country. Reduces from 17 to 11 months the residency requirement for such exclusion, and also for the deduction for living expenses abroad. Repeals the hardship area deduction for U.S. citizens working abroad. Removes the requirement, for the qualified home leave travel expenses deduction, that such travel begin or end at the tax home or U.S. residence.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 11 June 1980

  Open at official source

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