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United States · Bill · S

S. 3138 (94th)

A bill to amend the Internal Revenue Code of 1954 to deny certain benefits to taxpayers who participate in or cooperate with the boycott of Israel.

referredUnited States· United States Congress· EN

Introduced

15 March 1976

Last action

15 March 1976 · Introduced

Status

Referred to Senate Committee on Finance.

Sponsors

Sen. Ribicoff, Abraham A. [D-CT], Sen. Bayh, Birch [D-IN], Sen. Brock, Bill [R-TN], Sen. Buckley, James L. [R-NY], Sen. Hartke, Vance [D-IN], Sen. Jackson, Henry M. [D-WA], Sen. Javits, Jacob K. [R-NY], Sen. Leahy, Patrick J. [D-VT], Sen. Muskie, Edmund S. [D-ME], Sen. Proxmire, William [D-WI], Sen. Schweiker, Richard S. [R-PA], Sen. Weicker, Lowell P., Jr. [R-CT], Sen. Williams, Harrison A., Jr. [D-NJ], Sen. Stone, Richard (Dick) [D-FL], Sen. Church, Frank [D-ID], Sen. Mondale, Walter F. [D-MN], Sen. Montoya, Joseph M. [D-NM], Sen. Packwood, Bob [R-OR]

Subjects

Taxation

Source updated

1 August 2024

Taxation

Official sourceView documentsShare

Summary

Denies the benefits of the foreign tax credit, under the Internal Revenue Code, to any taxpayer, or a member of a controlled group which includes the taxpayer, who is determined by the Secretary of the Treasury to have participated in or cooperated with the boycott of Israel, with respect to income, war profits, or excess profits taxes paid or accrued to any country which requires such participation or cooperation as a condition of doing business within that country. Denies DISC benefits to any DISC that the Secretary of the Treasury determines has participated in or cooperated with the boycott of Israel. Requires taxpayers with foreign sources within a country which requires participation in or cooperation with the boycott of Israel as a condition of doing business with or within such country to report such fact to the Secretary of the Treasury, who shall make a determination whether the taxpayer participated in or cooperated with the boycott of Israel for the taxable year.

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

Timeline

  1. 15 March 1976

    Introduced

    Referred to Senate Committee on Finance.

    Source: IntroReferral

  2. 15 March 1976

    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

Leesvertaling

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Sponsors

Related records

Sources

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