Foreign Tax Simplification Act of 1991

Summary

Foreign Tax Simplification Act of 1991 - Amends the Internal Revenue Code to exempt foreign corporations that are not doing business in the United States from the uniform capitalization rules in determining earnings and profits. Makes a technical correction to the definition of passive foreign investment company. Applies a separate foreign tax credit limitation for foreign corporations in which U.S. parent companies do not own a controlling interest. Requires that foreign tax credits claimed on foreign income be translated in U.S. dollars at the same rate as the income. Provides that the look-through rules for controlled foreign corporations do not apply to companies with less than $1,000,000 in all of their separate categories.

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Timeline

1. 25 April 1991

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 25 April 1991

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 25 April 1991

  Open at official source

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Sponsors

• Sen. Baucus, Max [D-MT] · D · Sponsor
• Sen. Roth Jr., William V. [R-DE] · R · Cosponsor
• · ssfi00 · Standing

Related records

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