Foreign Earned Income Exclusion Act of 1980

Summary

Foreign Earned Income Exclusion Act of 1980 - Amends the Internal Revenue Code to exclude from the gross income of a United States citizen 80 percent of wages, salaries, professional fees, or other qualified compensation earned for services actually rendered while a bona fide resident of a foreign country or countries for an uninterrupted period including an entire taxable year, or, during any period of 12 consecutive months, while present in such country or countries at least 330 full days. Makes special rules for taxpayers who are: (1) engaged in a trade or business in which both personal services and capital are material income-producing factors; or (2) forced to leave a foreign country because of war or civil unrest precluding the normal conduct of business. Repeals the existing deduction for certain expenses of living abroad.

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1 official file

• Introduced in Senate

  summary · EN · 5 December 1980

  Open at official source

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