3.0.0 285 2023-01-15T21:04:26Z 2023-01-15T21:04:26Z House H HR 2003-01-08 108 hswm00 Ways and Means Committee House Standing Referred to 2003-01-08T15:06:00Z 2003-01-08 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2003-01-08 Sponsor introductory remarks on measure. (CR E54) IntroReferral B00100 9 Library of Congress 2003-01-08 Introduced in House IntroReferral Intro-H 9 Library of Congress 2003-01-08 Introduced in House IntroReferral 1000 9 Library of Congress H000814 Rep. Houghton, Amo [R-NY-29] AMO HOUGHTON R NY 29 N J000174 Rep. Johnson, Sam [R-TX-3] SAM JOHNSON R TX 3 2003-01-08 True P000449 Rep. Portman, Rob [R-OH-2] Rob Portman R OH 2 2003-01-08 True R000033 Rep. Ramstad, Jim [R-MN-3] JIM RAMSTAD R MN 3 2003-01-08 True L000553 Rep. LaTourette, Steven C. [R-OH-14] STEVEN LATOURETTE R OH C. 14 2003-11-25 False B000490 Rep. Bishop, Sanford D., Jr. [D-GA-2] SANFORD BISHOP D GA D. 2 2003-11-25 False Taxation Accounting Administrative procedure Affiliated corporations Airline passenger traffic Alien property Aliens American investments Bank holding companies Brokers Capital gains tax Commerce Congress Congressional reporting requirements Consumer discounts Contracts Corporate debt Corporation taxes Department of the Treasury Dividends Earnings Energy Estate tax Excise tax Export finance Export trading companies Finance and Financial Sector Financial institutions Financial services Foreign Trade and International Finance Foreign banks and banking Foreign corporations Foreign exchange Foreign investments Foreign tax credit Futures trading Gas industry Gas pipelines Government Operations and Politics Government paperwork Holding companies Immigration Income tax Insurance companies Interest International banking Law Losses Minimum tax Mutual funds Partnerships Petroleum industry Petroleum pipelines Profit Securities industry Service industries Stockholders Stocks Subsidiary corporations Tax administration Tax deductions Tax exclusion Tax exemption Tax rates Tax returns Taxation of foreign income Translating and interpreting Transportation and Public Works Withholding tax Taxation 00 2003-01-08 Introduced in House 2006-11-28T17:35:40Z Revises provisions concerning treatment of controlled foreign corporations, including: (1) expanding the de minimis rule; (2) excluding from the definition of "foreign base company oil related income" the pipeline transportation of oil or gas within such foreign country; (3) repealing rules applicable to foreign personal holding companies and foreign investment companies; (4) amending the definition of foreign personal holding company income to include income from certain personal services contracts and sale of such contracts; (5) repealing controlled foreign corporation rules on foreign base company sales and service income; (6) reducing foreign tax credit baskets; and (7) not treating interest, dividends, rents, and royalties from a related controlled foreign corporation as foreign personal holding company income.

Sets forth provisions concerning foreign tax credit, including: (1) extending the period in which excess foreign taxes may be carried; (2) defining overall domestic loss and setting forth provisions for determining taxable income for any taxpayer sustaining such a loss; (3) issuing special rules relating to financial services income; (4) dictating rules for the treatment of dividends from certain corporations and extending the look-through treatment for such corporations; (5) extending the carryforward period for foreign tax credits; (6) repealing the limitation of such credits under the alternative minimum tax; and (7) eliminating limitation on such credits with regard to oil or gas extraction taxes.

Exempts certain foreign corporations from uniform capitalization rules.

Sets forth provisions concerning airline mileage awards to certain foreign persons.

Repeals the special capital gains tax on certain nonresident aliens.

Exempts dividends paid by a foreign corporation to a nonresident alien from 30 percent taxation.

Permits, for interest allocation rule purposes, treating each electing worldwide affiliated group as an affiliated group, subject to exceptions.

Makes permanent the subpart F exception for active income financing (presently, the exception expires for taxable years beginning after December 31, 2006).]]>

Fairness, Simplification and Competitiveness for American Business Act of 2003 Display Title Fairness, Simplification and Competitiveness for American Business Act of 2003 Official Title as Introduced To amend the Internal Revenue Code of 1986 to simplify certain rules relating to the taxation of United States businesses operating abroad, and for other purposes. Introduced in House IH Short Titles as Introduced Fairness, Simplification and Competitiveness for American Business Act of 2003 Introduced in House 2003-01-08T05:00:00Z 2003-01-08 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.