Summary: H.R.4304 — 102nd Congress (1991-1992)All Information (Except Text)

There is one summary for H.R.4304. Bill summaries are authored by CRS.

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Introduced in House (02/25/1992)

Amends the Internal Revenue Code to impose an alternative minimum tax (AMT) on certain corporations equal to five percent of their net business receipts for a taxable year. Imposes such tax on a corporation (foreign or domestic), if: (1) its gross sales in the United States of manufactured parts or products exceeded $10,000,000; (2) it imported such products with a customs value in excess of $10,000,000 ("artifically inflated prices"); and (3) its tax obligation under this AMT exceeds its total tax obligation.