S.3213 - A bill to amend the Internal Revenue Code of 1954 to repeal the 30 percent withholding tax on interest received by foreigners on certain portfolio investments.96th Congress (1979-1980)
|Sponsor:||Sen. Bentsen, Lloyd M. [D-TX] (Introduced 11/19/1980)|
|Committees:||Senate - Finance; Armed Services|
|Latest Action:||Senate - 11/19/1980 Referred to Senate Committee on Armed Services. (All Actions)|
This bill has the status Introduced
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Summary: S.3213 — 96th Congress (1979-1980)All Information (Except Text)
Introduced in Senate (11/19/1980)
Amends the Internal Revenue Code to exempt from income taxation interest income received by a nonresident alien individual or foreign corporation on investments in a U.S. corporation or partnership, if such alien does not own, either directly or constructively, ten percent or more of the voting power of the corporation or ten percent or more of the capital or profits interest of the partnership. Sets forth criteria for determining the attribution of interests in such corporations or partnerships to a nonresident alien from other corporations, partnerships, or trusts.
Provides for the denial of such tax exemption if the Secretary of the Treasury determines that the exchange of information between the United States and a foreign country is inadequate to enable the Secretary to identify the recipients of exempt interest income and that the exchange of such information is necessary to prevent evasion of taxes.