[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1037 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 1037

To amend the Internal Revenue Code of 1986 to repeal the limitation on 
 the amount of receipts attributable to military property which may be 
                treated as exempt foreign trade income.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 12, 1997

 Mr. Herger (for himself, Mr. Jefferson, Mr. Crane, Ms. Dunn, Mr. Sam 
      Johnson of Texas, Mr. Hulshof, Mr. Hayworth, Mr. English of 
 Pennsylvania, Mr. Cardin, Mr. Packard, Mr. Dreier, Mr. King, and Mr. 
  McCollum) 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 repeal the limitation on 
 the amount of receipts attributable to military property which may be 
                treated as exempt foreign trade income.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Defense Jobs and Trade Promotion Act 
of 1997''.

SEC. 2. REPEAL OF LIMITATION ON RECEIPTS ATTRIBUTABLE TO MILITARY 
              PROPERTY WHICH MAY BE TREATED AS EXEMPT FOREIGN TRADE 
              INCOME.

    (a) In General.--Subsection (a) of section 923 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 amendment made by subsection (a) shall 
apply to taxable years beginning after December 31, 1996.
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