Summary: S.1597 — 104th Congress (1995-1996)All Information (Except Text)

There is one summary for S.1597. Bill summaries are authored by CRS.

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Introduced in Senate (03/07/1996)

American Jobs Act of 1996 - Amends the Internal Revenue Code to include imported property income of a controlled foreign corporation within the sums added together to compute foreign base company income. Defines imported income property to include, among other things, income from manufacturing, growing, selling, renting, or leasing imported property, but exempts any foreign oil and gas income or any foreign oil-related income. Provides for a separate application of limitations on the foreign tax credit for imported property income.

Allows an employer a credit against tax, during the two-year period beginning with the day an employee starts work, equal to 20 percent of the qualified social security taxes paid or incurred by the employer for such new employee.

Directs the Secretary of the Treasury to report to the Committee on Ways and Means and the Committee on Finance recommendations on the elimination of, or changes in, business tax preferences.