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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (6)

Popular Titles

Foreign Sales Corporation Tax Act (Identified by CRS)

Short Titles

Short Titles as Enacted

FSC Repeal and Extraterritorial Income Exclusion Act of 2000

Short Titles - House of Representatives

Short Titles as Passed House

FSC Repeal and Extraterritorial Income Exclusion Act of 2000

Short Titles as Reported to House

FSC Repeal and Extraterritorial Income Exclusion Act of 2000

Short Titles as Introduced

FSC Repeal and Extraterritorial Income Exclusion Act of 2000

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Internal Revenue Code of 1986 to repeal the provisions relating to foreign sales corporations (FSCs) and to exclude extraterritorial income from gross income.


Actions Overview (9)

Date
11/15/2000Became Public Law No: 106-519. (TXT | PDF)
11/15/2000Signed by President.
11/14/2000Presented to President.
11/14/2000Resolving differences -- House actions: On motion that the House suspend the rules and agree to the Senate amendment Agreed to by the Yeas and Nays: (2/3 required): 316 - 72, 1 Present (Roll no. 597).(consideration: CR H11900-11901; text as House agreed to Senate amendment: CR H11881-11884)
11/01/2000Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
09/20/2000Committee on Finance. Reported by Senator Roth with amendments. With written report No. 106-416.
09/13/2000Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by recorded vote (2/3 required): 315 - 109, 1 Present (Roll no. 467).(text: CR 9/12/2000 H7416-7419)
09/13/2000Reported (Amended) by the Committee on Ways and Means. H. Rept. 106-845.
07/27/2000Introduced in House

All Actions (31)

Date Chamber
11/15/2000Became Public Law No: 106-519. (TXT | PDF)
11/15/2000Signed by President.
11/14/2000HousePresented to President.
11/14/2000-11:20amHouseMotion to reconsider laid on the table Agreed to without objection.
11/14/2000-11:20amHouseOn motion that the House suspend the rules and agree to the Senate amendment Agreed to by the Yeas and Nays: (2/3 required): 316 - 72, 1 Present (Roll no. 597). (consideration: CR H11900-11901; text as House agreed to Senate amendment: CR H11881-11884)
11/14/2000-10:46amHouseAt the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 5, rule I, the chair announced that further proceedings on the motion would be postponed.
11/14/2000-10:02amHouseDEBATE - The House proceeded with forty minutes of debate on the motion.
11/14/2000-10:01amHouseMr. Archer moved that the House suspend the rules and agree to the Senate amendment. (consideration: CR H11881-11899)
11/01/2000SenateMessage on Senate action sent to the House.
11/01/2000SenatePassed Senate with an amendment by Unanimous Consent.
11/01/2000SenateS.Amdt.4356 Amendment agreed to in Senate by Unanimous Consent.
11/01/2000SenateS.Amdt.4356 Amendment SA 4356 proposed by Senator Lott. (consideration: CR S11455) In the nature of a substitute.
11/01/2000SenateCommittee amendments withdrawn by Unanimous Consent.
11/01/2000SenateMeasure laid before Senate by unanimous consent. (consideration: CR S11450-11457; text of measure as reported in Senate: CR S11451-11454)
09/20/2000SenatePlaced on Senate Legislative Calendar under General Orders. Calendar No. 817.
09/20/2000SenateCommittee on Finance. Reported by Senator Roth with amendments. With written report No. 106-416.
09/19/2000SenateCommittee on Finance. Ordered to be reported with an amendment in the nature of a substitute favorably.
09/14/2000SenateReceived in the Senate and Read twice and referred to the Committee on Finance.
09/13/2000-12:52pmHouseMotion to reconsider laid on the table Agreed to without objection.
09/13/2000-12:52pmHouseOn motion to suspend the rules and pass the bill, as amended Agreed to by recorded vote (2/3 required): 315 - 109, 1 Present (Roll no. 467). (text: CR 9/12/2000 H7416-7419)
09/13/2000-12:33pmHouseConsidered as unfinished business. (consideration: CR H7521)
09/13/2000HousePlaced on the Union Calendar, Calendar No. 500.
09/13/2000HouseReported (Amended) by the Committee on Ways and Means. H. Rept. 106-845.
09/12/2000-5:15pmHouseAt the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed until Sept. 13.
09/12/2000-4:23pmHouseDEBATE - The House proceeded with forty minutes of debate on H.R. 4986.
09/12/2000-4:23pmHouseConsidered under suspension of the rules. (consideration: CR H7416-7431)
09/12/2000-4:23pmHouseMr. Archer moved to suspend the rules and pass the bill, as amended.
07/27/2000HouseReferred to the House Committee on Ways and Means.
07/27/2000HouseOrdered to be Reported by the Yeas and Nays: 34 - 1.
07/27/2000HouseCommittee Consideration and Mark-up Session Held.
07/27/2000HouseIntroduced in House

Cosponsors (0)

No cosponsors.


Committees (2)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Ways and Means07/27/2000 Referred to
07/27/2000 Markup by
09/13/2000 Reported by H. Rept. 106-845
Senate Finance09/14/2000 Referred to
09/19/2000 Markup by
09/20/2000 Reported by S. Rept. 106-416

No related bill information was received for H.R.4986.


Latest Summary (4)

There are 4 summaries for H.R.4986. View summaries

Shown Here:
Passed Senate amended (11/01/2000)

FSC Repeal and Extraterritorial Income Exclusion Act of 2000 - Amends the Internal Revenue Code to repeal subpart C (Taxation of Foreign Sales Corporations) of part III (Income From Sources Without the United States) of subchapter N ( Tax Based on Income From Sources Within or Without the United States) of chapter 1 (Normal Taxes and Surtaxes).

Excludes from gross income "extraterritorial income," except that extraterritorial income which is not qualifying "qualifying foreign trade income" shall not be excluded from gross income.

Defines "extraterritorial income" as gross income of the taxpayer attributable to "foreign trading gross receipts" of the taxpayer.

Defines "qualifying foreign trade income," with respect to any transaction, as the amount of gross income which, if excluded, will result in a reduction of the taxable income of the taxpayer from such transaction equal to the greatest of: (1) 30 percent of the foreign sale and leasing income derived by the taxpayer from such transaction; (2) 1.2 percent of the foreign trading gross receipts derived by the taxpayer from the transaction; or (3) 15 percent of the foreign trade income derived by the taxpayer from the transaction. Prohibits in any event the amount determined under clause (2) from exceeding 200 percent of the amount determined under clause (3). Permits an alternative computation.

Defines "foreign trading gross receipts" as the gross receipts of the taxpayer which are: (1) from the sale, exchange, or other disposition of qualifying foreign trade property; (2) from the lease or rental of qualifying foreign trade property for use by the lessee outside the United States; (3) for services which are related and subsidiary to either any sale, exchange, or other disposition of qualifying foreign trade property by such taxpayer, or any lease or rental of qualifying foreign trade property described in clause (2) by such taxpayer; (4) for engineering or architectural services for construction projects located (or proposed for location) outside the United States; or (5) for the performance of managerial services for a person other than a related person in furtherance of the production of foreign trading gross receipts described in clause (1), (2), or (3). Prohibits clause (5) from applying to a taxpayer for any taxable year unless at least 50 percent of its foreign trading gross receipts (determined without regard to this sentence) for such taxable year is derived from activities described in clause (1), (2), or (3). Excludes specified receipts from the definition.

Sets forth additional definitions and rules.