[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4541 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 4541

To amend the Internal Revenue Code of 1986 to repeal the limitation on 
   the use of foreign tax credits under the alternative minimum tax.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 10, 1998

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

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to repeal the limitation on 
   the use of foreign tax credits under the alternative minimum tax.

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

SECTION 1. REPEAL OF LIMITATION ON FOREIGN TAX CREDIT UNDER ALTERNATIVE 
              MINIMUM TAX.

    (a) In General.--Section 59(a) of the Internal Revenue Code of 1986 
(relating to alternative minimum tax foreign tax credit) is amended by 
striking paragraph (2) and by redesignating paragraphs (3) and (4) as 
paragraphs (2) and (3), respectively.
    (b) Conforming Amendment.--Section 53(d)(1)(B)(i)(II) of such Code 
is amended by striking ``and if section 59(a)(2) did not apply''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1998.
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