Summary: H.R.4561 — 98th Congress (1983-1984)All Information (Except Text)

There is one summary for H.R.4561. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (11/18/1983)

Amends the Internal Revenue Code to set forth source of income rules for the tax treatment of shipping income. Provides that: (1) all shipping income attributable to transportation between two ports located in the United States shall be treated as derived from sources within the United States; and (2) 50 percent of all U.S. connected shipping income shall be treated as derived from sources within the United States.

Defines "United States shipping income" and "shipping income" for purposes of this Act.