A bill to amend the Internal Revenue Code of 1954 with respect to the income tax treatment of earned income of citizens or residents of the United States earned abroad, and for other purposes.

Summary

Amends the Internal Revenue Code to increase the amount of the earned income exclusion for U.S. citizens working abroad who are bona fide residents of a foreign country. Sets the amount of such exclusion at $50,000, plus 50 percent of the lesser of compensation exceeding $50,000 or $50,000. Repeals the requirement that such U.S. citizens work in hardship areas to be eligible for the tax exclusion. Reduces the length of the residency requirement for the tax exclusion. Provides for an income tax exclusion for the value of employer-provided lodging in a camp in cases where satisfactory housing is not generally available. Repeals the income tax deduction for certain living expenses of U.S. citizens abroad.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 5 February 1981

  Open at official source

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