[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 2296 Introduced in Senate (IS)]







105th CONGRESS
  2d Session
                                S. 2296

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 SENATE OF THE UNITED STATES

                             July 14, 1998

   Mr. Mack (for himself, Mr. Breaux, Mr. Chafee, Mr. Murkowski, Mr. 
   Hatch, Mr. D'Amato, Mr. Rockefeller, Mr. Gramm, Mr. Warner, Mrs. 
Hutchison, Mr. Dodd, Mr. Gregg, Mr. Robb, Mr. Thurmond, Mr. Lieberman, 
 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 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 1998''.

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 the date of the enactment of 
this Act.
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