3.0.0 2155 2023-01-15T10:47:53Z 2023-01-15T10:47:53Z Senate S S 2004-03-02 108 ssfi00 Finance Committee Senate Standing Referred to 2004-03-02T22:00:47Z 2004-03-02 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2004-03-02 Sponsor introductory remarks on measure. (CR S2024-2025) IntroReferral B00100 9 Library of Congress 2004-03-02 Introduced in Senate IntroReferral 10000 9 Library of Congress C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. N S000709 Sen. Specter, Arlen [R-PA] ARLEN SPECTER R PA 2004-09-30 False Taxation Accounting Administrative procedure Affiliated corporations Capital gains tax Commerce Corporate finance Corporate mergers Corporation taxes Department of the Treasury Depreciation and amortization Dislocated workers Foreign Trade and International Finance Foreign corporations Government Operations and Politics Income tax Labor and Employment Law Leases Limitation of actions Location of industries Lumber trade Manufacturing industries Minimum tax Mutual funds Partnerships Profit Public Lands and Natural Resources Reforestation Stockholders Stocks Tax credits Tax deductions Tax evasion Tax penalties Tax shelters Taxation of foreign income Timber sales Wages Taxation 00 2004-03-02 Introduced in Senate 2004-06-30T12:13:16Z Growing Our Manufacturing Employment (GoME) Act - Amends the Internal Revenue Code to establish as a general business tax credit a manufacturer's jobs credit equal to a certain percentage of wages paid to the employees (including employees eligible for a trade readjustment allowance) of a taxpayer that has a certain level of domestic production gross receipts in the current and preceding taxable years and that is not disqualified as an inverted domestic corporation (a foreign corporation that manipulates its structure to evade U.S. taxes).

Allows an income tax deduction for: (1) nine percent of income allocable to domestic production activities; (2) up to $10,000 of reforestation expenditures in the current taxable year.

Permits a taxpayer to revoke a prior election to treat the cutting of timber as a sale or exchange. Qualifies the outright sale of timber for capital gains tax treatment. Repeals the investment tax credit for reforestation expenditures.

Sets forth requirements for transactions to qualify for tax benefits under the economic substance doctrine, including special rules for transactions with tax-indifferent parties.

Sets forth rules for the tax treatment of inverted domestic corporations (a foreign incorporated entity that acquires substantially all of the properties of a domestic corporation or partnership, that retains 80 percent of stock ownership identity, and that does not have substantial business activities in the foreign country under whose law the entity is created, for the purpose of avoiding U.S. taxation). Treats a foreign corporation deemed to be an inverted domestic corporation as a domestic corporation for U.S. tax purposes.

]]> Growing Our Manufacturing Employment (GoME) Act Display Title Growing Our Manufacturing Employment (GoME) Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide for a manufacturer's jobs credit, and for other purposes. Introduced in Senate IS Short Titles as Introduced Growing Our Manufacturing Employment (GoME) Act Introduced in Senate 2004-03-02T05:00:00Z 2004-03-02 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.