Summary: H.R.2889 — 102nd Congress (1991-1992)All Information (Except Text)

There is one summary for H.R.2889. Bill summaries are authored by CRS.

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Introduced in House (07/15/1991)

American Jobs and Manufacturing Preservation Act of 1991 - Amends the Internal Revenue Code to include imported property income of a controlled foreign corporation or related person as foreign base company income. Defines imported property income as that from: (1) manufacturing, producing, growing, or extracting imported property; (2) the sale, exchange, or other disposition of imported property; or (3) the lease, rental, or licensing of imported property.

Requires the separate application of the limitation on the foreign tax credit on imported property income. Applies the look-thru rules in the case of controlled foreign corporations to such income.