Summary: S.596 — 108th Congress (2003-2004)All Information (Except Text)

There is one summary for S.596. Bill summaries are authored by CRS.

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Introduced in Senate (03/11/2003)

Invest in the U.S.A. Act of 2003 - Amends the Internal Revenue Code to permit a U.S. corporation doing business abroad to elect to have its foreign earnings taxed in the United States for one year at a rate equal to 5.25 percent of the excess qualified foreign distribution and the amount attributable to such corporation as controlled foreign-earned dividends in lieu of being taxed under alternative minimum tax or corporate rates, if dividends received are reinvested in the United States in an approved plan.

Limits foreign tax credits with respect to dividends taxed at such 5.25 percent rate.