Summary: S.2342 — 103rd Congress (1993-1994)All Information (Except Text)

There is one summary for S.2342. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (07/29/1994)

Foreign Tax Compliance Act of 1994 - Amends the Internal Revenue Code to include in the taxation of controlled foreign corporations income attributable to imported property.

Requires the separate application of limitations on the foreign tax credit for imported property income.

Expresses the sense of the Congress that deficit reduction should be achieved in part by ending loopholes and enforcement breakdowns that foster the underpayment of taxes on income from cross-border transactions and enable foreign-controlled corporations operating in the United States, and foreign persons investing in the United States, to pay no taxes.