Job Protection Act of 2003

Summary

Job Protection Act of 2003 - Amends the Internal Revenue Code to repeal the foreign sales corporation/extraterritorial income (FSC/ETI) exclusion, with an exemption for certain binding contracts in effect before the date of enactment of this Act. Permits a foreign corporation that elected to be treated as a domestic corporation to revoke such election and be treated as a domestic corporation transferring its property to a foreign corporation with no gain recognized on such transfer. Provides: (1) a transitional 2004 through 2008 sliding-scale deduction for an FSC/ETI beneficiary based on the corporation's 2001 FSC/ETI benefit; and (2) special rules for 2003 and for fiscal year taxpayers. Defines "FSC/ETI benefit." Allows a deduction for income attributable to U.S. production activities equal to ten percent of qualified production activities. Provides a 2006 through 2009 phase-in period. Defines "qualified production activities" as: (1) the portion of the modified taxable income attributable to domestic activities; and (2) the domestic/foreign fraction. Sets forth related provisions with respect to: (1) determination of income attributable to domestic production activities; (2) domestic production gross receipts; (3) qualifying production property; (4) domestic/foreign fraction; and (5) special rules.

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

Timeline

1. 1 May 2003

   Introduced

   Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S5658-5660)

   Source: IntroReferral

2. 1 May 2003

   Introduced

   Sponsor introductory remarks on measure. (CR S5657-5658)

   Source: IntroReferral

3. 1 May 2003

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 1 May 2003 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 1 May 2003

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 1 May 2003

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 1 May 2003

  Open at official source

Sponsors

• Sen. Hollings, Ernest F. [D-SC] · D · Sponsor
• Sen. Feingold, Russell D. [D-WI] · D · Cosponsor
• Rep. Dodd, Christopher J. [D-CT-2] · D · Cosponsor
• Sen. Lieberman, Joseph I. [D-CT] · D · Cosponsor
• Sen. Edwards, John [D-NC] · D · Cosponsor
• Sen. Kerry, John F. [D-MA] · D · Cosponsor
• Sen. Inouye, Daniel K. [D-HI] · D · Cosponsor
• Sen. Graham, Bob [D-FL] · D · Cosponsor
• Sen. Clinton, Hillary Rodham [D-NY] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Job Protection Act of 2003