[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 3285 Introduced in Senate (IS)]







106th CONGRESS
  2d Session
                                S. 3285

To amend the Internal Revenue Code of 1986 to exclude tobacco products 
      from qualifying foreign trade property in the treatment of 
                        extraterritorial income.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

           December 15 (legislative day, September 22), 2000

  Mr. Durbin 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 exclude tobacco products 
      from qualifying foreign trade property in the treatment of 
                        extraterritorial income.

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

SECTION 1. EXCLUSION OF TOBACCO PRODUCTS FROM QUALIFYING FOREIGN TRADE 
              PROPERTY.

    (a) In General.--Section 943(a)(3) of the Internal Revenue Code of 
1986 (relating to excluded property) is amended by striking ``or'' at 
the end of subparagraph (D), by striking the period at the end of 
subparagraph (E) and inserting ``, and'', and by inserting after 
subparagraph (E) the following new subparagraph:
                    ``(F) any tobacco products (as defined in section 
                5702(c)).''.
    (b) Effective Date.--The amendments made by this section shall take 
effect as if included in the amendment made by section 3(b) of the FSC 
Repeal and Extraterritorial Income Exclusion Act of 2000.
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