[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4256 Introduced in House (IH)]







106th CONGRESS
  2d Session
                                H. R. 4256

 To amend the Internal Revenue Code of 1986 to repeal the exclusion of 
             certain income of foreign sales corporations.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 12, 2000

 Mr. DeFazio 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 exclusion of 
             certain income of foreign sales corporations.

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

SECTION 1. REPEAL OF EXCLUSION OF CERTAIN INCOME OF FOREIGN SALES 
              CORPORATIONS.

    (a) In General.--Section 921 of the Internal Revenue Code of 1986 
(relating to exempt foreign trade income excluded from gross income) is 
amended by adding at the end the following new subsection:
    ``(e) Termination.--This subpart shall not apply to any taxable 
year beginning after December 31, 2000.''
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2000.
                                 <all>