[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 57 Introduced in House (IH)]







104th CONGRESS
  1st Session
                                 H. R. 57

   To amend the Internal Revenue Code of 1986 to increase the dollar 
      limitation on the exclusion under section 911 of such Code.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 4, 1995

  Mr. Archer 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 increase the dollar 
      limitation on the exclusion under section 911 of such Code.

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

SECTION 1. INCREASE IN DOLLAR LIMITATION ON SECTION 911 EXCLUSION.

    (a) General Rule.--Subparagraph (A) of section 911(b)(2) of the 
Internal Revenue Code of 1986 (relating to limitation on foreign earned 
income) is amended by striking ``$70,000'' and inserting ``$100,000''.
    (b) Inflation Adjustments.--Paragraph (2) of section 911(b) of such 
Code is amended by adding at the end the following new subparagraph:
                    ``(D) Inflation adjustments.--In the case of any 
                taxable year beginning in a calendar year after 1995, 
                the dollar amount contained in subparagraph (A) shall 
                be increased by an amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for the 
                        calendar year in which the taxable year begins 
                        by substituting `calendar year 1994' for 
                        `calendar year 1992' in subparagraph (B) 
                        thereof.
                Any increase determined under the preceding sentence 
                shall be rounded to the nearest multiple of $50.''
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1994.
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