A bill to amend the Internal Revenue Code of 1954 to increase the competitiveness of American Firms operating abroad and to help increase markets for United States exports.

Summary

Amends the Internal Revenue Code to increase from $20,000 to $75,000 in 1981 (with annual adjustments up to $95,000 in 1985 and thereafter) the earned income exclusion for U.S. citizens working abroad who are bona fide residents of a foreign country. 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. Reduces the length of the foreign residency requirement with respect to the deduction for certain housing expenses of living abroad.

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Timeline

1. 6 February 1981

   Committee

   Subcommittee on Taxation and Debt Management took the following actions.

   Source: Committee

2. 6 February 1981

   Introduced

   Read second time and referred to Senate Committee on Finance.

   Source: IntroReferral

3. 6 February 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

4. 24 April 1981

   Committee

   Subcommittee on Taxation and Debt Management. Hearings held.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 6 February 1981

  Open at official source

Sponsors

• Sen. Bentsen, Lloyd M. [D-TX] · D · Sponsor
• · ssfi00 · Standing

Related records

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