[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 220 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 220

  To amend the Internal Revenue Code of 1986 to reinstate the tax on 
   interest received by foreigners on certain portfolio investments.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 5, 1993

  Mr. Jacobs introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to reinstate the tax on 
   interest received by foreigners on certain portfolio investments.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, That (a) the following 
provisions of the Internal Revenue Code of 1986 are hereby repealed:
            (1) Section 871(h) (relating to repeal of tax on interest 
        of nonresident alien individuals received from certain 
        portfolio debt investments).
            (2) Section 881(c) (relating to repeal of tax on interest 
        of foreign corporations received from certain portfolio debt 
        instruments).
            (3) Section 1441(c)(9) (relating to exception for interest 
        income from certain portfolio debt investments).
    (b)(1) Paragraph (1) of section 871(a) of such Code is amended by 
striking out ``Except as provided in subsection (h), there'' and 
inserting in lieu thereof ``There''.
    (2) Subsection (a) of section 881 of such Code is amended by 
striking out ``Except as provided in subsection (c), there'' and 
inserting in lieu thereof ``There''.
    (3) Paragraph (2) of section 864(c) of such Code is amended by 
striking out ``section 871(a)(1), section 871(h), section 881(a), or 
section 881(c)'' and inserting in lieu thereof ``section 871(a)(1) or 
881(a)''.
    (4) Subsection (b) of section 2105 of such Code is amended--
            (A) by inserting ``and'' at the end of paragraph (1),
            (B) by striking out ``and'' at the end of paragraph (2),
            (C) by striking out paragraph (3), and
            (D) by striking out ``and Certain Other Debt Obligations'' 
        in the subsection heading.
    (5) The last sentence of section 1442(a) of such Code is amended by 
striking out ``, the references in section 1441(c)(9) to sections 
871(h) and 871(h)(3) shall be treated as referring to sections 881(c) 
and 881(c)(3)''.
    (c) The amendments made by this section shall apply to interest 
received after the date of the enactment of this Act with respect to 
obligations issued after such date.

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