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United States · Law · HR

H.R. 4986 (106th)

FSC Repeal and Extraterritorial Income Exclusion Act of 2000

enactedUnited States· United States Congress· EN

Introduced

27 July 2000

Last action

15 November 2000 · Became law

Status

Became Public Law No: 106-519.

Sponsors

Rep. Archer, Bill [R-TX-7]

Subjects

Taxation

Source updated

7 April 2025

Taxation

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Summary

FSC Repeal and Extraterritorial Income Exclusion Act of 2000 - Amends the Internal Revenue Code to repeal subpart C (Taxation of Foreign Sales Corporations) of part III (Income From Sources Without the United States) of subchapter N ( Tax Based on Income From Sources Within or Without the United States) of chapter 1 (Normal Taxes and Surtaxes). Excludes from gross income "extraterritorial income," except that extraterritorial income which is not qualifying "qualifying foreign trade income" shall not be excluded from gross income. Defines "extraterritorial income" as gross income of the taxpayer attributable to "foreign trading gross receipts" of the taxpayer. Defines "qualifying foreign trade income," with respect to any transaction, as the amount of gross income which, if excluded, will result in a reduction of the taxable income of the taxpayer from such transaction equal to the greatest of: (1) 30 percent of the foreign sale and leasing income derived by the taxpayer from such transaction; (2) 1.2 percent of the foreign trading gross receipts derived by the taxpayer from the transaction; or (3) 15 percent of the foreign trade income derived by the taxpayer from the transaction. Prohibits in any event the amount determined under clause (2) from exceeding 200 percent of the amount determined under clause (3). Permits an alternative computation. Defines "foreign trading gross receipts" as the gross receipts of the taxpayer which are: (1) from the sale, exchange, or other disposition of qualifying foreign trade property; (2) from the lease or rental of qualifying foreign trade property for use by the lessee outside the United States; (3) for services which are related and subsidiary to either any sale, exchange, or other disposition of qualifying foreign trade property by such taxpayer, or any lease or rental of qualifying foreign trade property described in clause (2) by such taxpayer; (4) for engineering or architectural services for construction projects located (or proposed for location) outside the United States; or (5) for the performance of managerial services for a person other than a related person in furtherance of the production of foreign trading gross receipts described in clause (1), (2), or (3). Prohibits clause (5) from applying to a taxpayer for any taxable year unless at least 50 percent of its foreign trading gross receipts (determined without regard to this sentence) for such taxable year is derived from activities described in clause (1), (2), or (3). Excludes specified receipts from the definition. Sets forth additional definitions and rules.

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

Timeline

  1. 27 July 2000

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  2. 27 July 2000

    Vote

    Ordered to be Reported by the Yeas and Nays: 34 - 1.

    Source: Committee

  3. 27 July 2000

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  4. 27 July 2000

    Introduced

    Introduced in House

    Source: IntroReferral

  5. 27 July 2000

    Introduced

    Introduced in House

    Source: IntroReferral

  6. 12 September 2000

    Vote

    At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed until Sept. 13.

    Source: Floor

  7. 12 September 2000

    Floor

    DEBATE - The House proceeded with forty minutes of debate on H.R. 4986.

    Source: Floor

  8. 12 September 2000

    Floor

    Considered under suspension of the rules. (consideration: CR H7416-7431)

    Source: Floor

  9. 12 September 2000

    Floor

    Mr. Archer moved to suspend the rules and pass the bill, as amended.

    Source: Floor

  10. 13 September 2000

    Reported

    Reported (Amended) by the Committee on Ways and Means. H. Rept. 106-845.

    Source: Committee

  11. 13 September 2000

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

  12. 13 September 2000

    Vote

    On motion to suspend the rules and pass the bill, as amended Agreed to by recorded vote (2/3 required): 315 - 109, 1 Present (Roll no. 467). (text: CR 9/12/2000 H7416-7419)

    Source: Floor

  13. 13 September 2000

    Vote

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by recorded vote (2/3 required): 315 - 109, 1 Present (Roll no. 467).(text: CR 9/12/2000 H7416-7419)

    Source: Floor

  14. 13 September 2000

    Floor

    Considered as unfinished business. (consideration: CR H7521)

    Source: Floor

  15. 13 September 2000

    Calendars

    Placed on the Union Calendar, Calendar No. 500.

    Source: Calendars

  16. 13 September 2000

    Reported

    Reported (Amended) by the Committee on Ways and Means. H. Rept. 106-845.

    Source: Committee

  17. 14 September 2000

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  18. 19 September 2000

    Reported

    Committee on Finance. Ordered to be reported with an amendment in the nature of a substitute favorably.

    Source: Committee

  19. 20 September 2000

    Calendars

    Placed on Senate Legislative Calendar under General Orders. Calendar No. 817.

    Source: Calendars

  20. 20 September 2000

    Reported

    Committee on Finance. Reported by Senator Roth with amendments. With written report No. 106-416.

    Source: Committee

  21. 20 September 2000

    Reported

    Committee on Finance. Reported by Senator Roth with amendments. With written report No. 106-416.

    Source: Committee

  22. 1 November 2000

    Reported

    Measure laid before Senate by unanimous consent. (consideration: CR S11450-11457; text of measure as reported in Senate: CR S11451-11454)

    Source: Floor

  23. 1 November 2000

    Passed

    Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.

    Source: Floor

  24. 14 November 2000

    Floor

    Presented to President.

    Source: Floor

  25. 14 November 2000

    President

    Presented to President.

    Source: President

  26. 14 November 2000

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: ResolvingDifferences

  27. 14 November 2000

    Vote

    On motion that the House suspend the rules and agree to the Senate amendment Agreed to by the Yeas and Nays: (2/3 required): 316 - 72, 1 Present (Roll no. 597). (consideration: CR H11900-11901; text as House agreed to Senate amendment: CR H11881-11884)

    Source: ResolvingDifferences

  28. 14 November 2000

    Vote

    Resolving differences -- House actions: On motion that the House suspend the rules and agree to the Senate amendment Agreed to by the Yeas and Nays: (2/3 required): 316 - 72, 1 Present (Roll no. 597).(consideration: CR H11900-11901; text as House agreed to Senate amendment: CR H11881-11884)

    Source: NotUsed

  29. 14 November 2000

    Vote

    At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 5, rule I, the chair announced that further proceedings on the motion would be postponed.

    Source: ResolvingDifferences

  30. 14 November 2000

    Floor

    DEBATE - The House proceeded with forty minutes of debate on the motion.

    Source: Floor

  31. 14 November 2000

    ResolvingDifferences

    Mr. Archer moved that the House suspend the rules and agree to the Senate amendment. (consideration: CR H11881-11899)

    Source: ResolvingDifferences

  32. 15 November 2000

    President

    Signed by President.

    Source: President

  33. 15 November 2000

    Became law

    Became Public Law No: 106-519.

    Source: President

  34. 15 November 2000

    Became law

    Signed by President.

    Source: BecameLaw

Votes

No vote records are attached yet.

Versions

Documents

20 official files

Enrolled Bill (text)

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  • Enrolled Bill (text)

    Enrolled Bill · EN

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  • Enrolled Bill (PDF)

    Enrolled Bill · EN

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  • Public Law (text)

    Public Law · EN · 15 November 2000

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  • Public Law (PDF)

    Public Law · EN · 15 November 2000

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  • Engrossed Amendment Senate (text)

    Engrossed Amendment Senate · EN · 1 November 2000

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  • Engrossed Amendment Senate (PDF)

    Engrossed Amendment Senate · EN · 1 November 2000

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  • Passed Senate amended

    summary · EN · 1 November 2000

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  • Reported to Senate (text)

    Reported to Senate · EN · 20 September 2000

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  • Reported to Senate (PDF)

    Reported to Senate · EN · 20 September 2000

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  • Referred in Senate (text)

    Referred in Senate · EN · 14 September 2000

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  • Referred in Senate (PDF)

    Referred in Senate · EN · 14 September 2000

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  • Reported in House (text)

    Reported in House · EN · 13 September 2000

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  • Reported in House (PDF)

    Reported in House · EN · 13 September 2000

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  • Engrossed in House (text)

    Engrossed in House · EN · 13 September 2000

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  • Engrossed in House (PDF)

    Engrossed in House · EN · 13 September 2000

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  • Passed House amended

    summary · EN · 13 September 2000

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  • Reported to House with amendment(s)

    summary · EN · 13 September 2000

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  • Introduced in House (text)

    Introduced in House · EN · 27 July 2000

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  • Introduced in House (PDF)

    Introduced in House · EN · 27 July 2000

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  • Introduced in House

    summary · EN · 27 July 2000

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