A bill to amend the Internal Revenue Code of 1954 to clarify the extent to which a state or political subdivision thereof may tax certain income from sources outside the United States.

Summary

Amends the Internal Revenue Code to prohibit State taxation of the foreign source income of a corporation or any income of an affiliated corporation that derives more than 80 percent of its income from foreign sources. Provides that the determination of the source of income shall be made solely on the basis of the provisions for determining the source of income in the Internal Revenue Code.

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

Timeline

1. 19 March 1985

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 19 March 1985

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 22 March 1985

   Committee

   Committee on Finance requested executive comment from OMB, Treasury Department.

   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 · 19 March 1985

  Open at official source

Sponsors

• Sen. Hawkins, Paula [R-FL] · R · Sponsor
• · ssfi00 · Standing

Related records

No cross-record relationships stored yet.