[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 1093 Introduced in Senate (IS)]

103d CONGRESS
  1st Session
                                S. 1093

 To amend the Internal Revenue Code of 1986 to repeal the special rule 
for treatment of foreign trade income of a FSC attributable to military 
                               property.


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                   IN THE SENATE OF THE UNITED STATES

                             June 10, 1993

Mr. Durenberger (for himself, Mr. Danforth, and Mr. Cochran) introduced 
the following bill; which was read twice and referred to the Committee 
                               on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to repeal the special rule 
for treatment of foreign trade income of a FSC attributable to military 
                               property.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. REPEAL OF SPECIAL RULE FOR FOREIGN TRADE INCOME OF A FSC 
              ATTRIBUTABLE TO MILITARY PROPERTY.

    (a) Repeal.--Section 923(a) of the Internal Revenue Code of 1986 
(defining exempt foreign trade income) is amended by striking paragraph 
(5) and by redesignating paragraph (6) as paragraph (5).
    (b) Effective Date.--The amendments made by this section shall 
apply to transactions occurring after December 31, 1993, in taxable 
years ending after such date.

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