[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 214 Introduced in Senate (IS)]







106th CONGRESS
  1st Session
                                 S. 214

 To amend the Internal Revenue Code of 1986 to extend the research and 
 development tax credit to research in the Commonwealth of Puerto Rico 
               and the possessions of the United States.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 19, 1999

  Mr. Moynihan (for himself and Mr. Schumer) 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 extend the research and 
 development tax credit to research in the Commonwealth of Puerto Rico 
               and the possessions of the United States.

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

SECTION 1. EXTENSION OF RESEARCH CREDIT TO RESEARCH IN PUERTO RICO AND 
              THE POSSESSIONS OF THE UNITED STATES.

    (a) In General.--Section 41(d)(4)(F) of the Internal Revenue Code 
of 1986 (relating to foreign research) is amended by inserting ``, the 
Commonwealth of Puerto Rico, or any possession of the United States'' 
after ``United States''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 1998.
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