3.0.0 1475 2023-01-15T06:17:48Z 2023-01-15T06:17:48Z Senate S S 2003-07-28 108 ssfi00 Finance Committee Senate Standing Referred to 2003-07-28T22:40:03Z 2003-07-28 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2003-07-28 Sponsor introductory remarks on measure. (CR S10065-10069) IntroReferral B00100 9 Library of Congress 2003-07-28 Introduced in Senate IntroReferral 10000 9 Library of Congress H000338 Sen. Hatch, Orrin G. [R-UT] ORRIN HATCH R UT GRANT N Taxation Commerce Competition Foreign Trade and International Finance International competitiveness Taxation 00 2003-07-28 Introduced in Senate 2003-09-24T15:58:59Z Promote Growth and Jobs in the USA Act of 2003 (the PRO GROW USA Act of 2003) - Amends the Internal Revenue Code to repeal the provision excluding extraterritorial income from gross income.

Makes a variety of additional amendments concerning the treatment of controlled foreign corporations and the foreign tax credit, including: (1) repealing foreign personal holding company rules, gain on foreign investment company stock rules, election by foreign investment companies to distribute income currently rules, foreign base company shipping income rules, the special rules in case of foreign oil and gas income, the limitation of the foreign tax credit under the alternative minimum tax, and other specified rules; and (2) establishing a tax rate of 5.25 percent on repatriated corporate earnings.

Makes the credit for increasing research activities permanent and increases the rates of alternative incremental credit.

Extends and increases certain expensing provisions concerning property acquired after September 10, 2001. Extends certain expensing for small business provisions.

]]> PRO GROW USA Act of 2003 Display Title PRO GROW USA Act of 2003 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to promote the competitiveness of American businesses, and for other purposes. Introduced in Senate IS Short Titles as Introduced PRO GROW USA Act of 2003 Short Titles as Introduced Promote Growth and Jobs in the USA Act of 2003 Introduced in Senate 2003-07-28T04:00:00Z 2003-07-28 Read twice and referred to the Committee on Finance. 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.