H.R.2889 - American Jobs and Manufacturing Preservation Act of 1991102nd Congress (1991-1992)
|Sponsor:||Rep. Dorgan, Byron L. [D-ND-At Large] (Introduced 07/15/1991)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 10/03/1991 Committee Hearings Held. (All Actions)|
This bill has the status Introduced
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Summary: H.R.2889 — 102nd Congress (1991-1992)All Information (Except Text)
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.