H.R.1769 - Job Protection Act of 2003108th Congress (2003-2004)
|Sponsor:||Rep. Crane, Philip M. [R-IL-8] (Introduced 04/11/2003)|
|Committees:||House - Ways and Means|
|Latest Action:||04/12/2003 Sponsor introductory remarks on measure. (All Actions)|
|Notes:||On 3/9/2004, a motion was filed to discharge the Rules Committee from consideration of H.Res.534 a resolution providing for the consideration of H.R.1769. A discharge petition requires 218 signatures for further action. (Discharge Petition No. 108-5: text with signatures.)|
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Summary: H.R.1769 — 108th Congress (2003-2004)All Bill Information (Except Text)
Job Protection Act of 2003 - Amends the Internal Revenue Code to repeal the foreign sales corporation/extraterritorial income (FSC/ETI) exclusion, with an exemption for certain binding contracts in effect before the date of enactment of this Act.
Introduced in House (04/11/2003)
Permits a foreign corporation that elected to be treated as a domestic corporation to revoke such election and be treated as a domestic corporation transferring its property to a foreign corporation with no gain recognized on such transfer.
Provides: (1) a transitional 2004 through 2008 sliding-scale deduction for an FSC/ETI beneficiary based on the corporation's 2001 FSC/ETI benefit; and (2) special rules for 2003 and for fiscal year taxpayers. Defines "FSC/ETI benefit."
Allows a deduction for income attributable to U.S. production activities equal to ten percent of qualified production activities. Provides a 2006 through 2009 phase-in period. Defines "qualified production activities" as: (1) the portion of the modified taxable income attributable to domestic activities; and (2) the domestic/foreign fraction.
Sets forth related provisions with respect to: (1) determination of income attributable to domestic production activities; (2) domestic production gross receipts; (3) qualifying production property; (4) domestic/foreign fraction; and (5) special rules.