[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4958 Introduced in House (IH)]







107th CONGRESS
  2d Session
                                H. R. 4958

 To amend the Internal Revenue Code of 1986 to allow a 10-year foreign 
                        tax credit carryforward.


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                    IN THE HOUSE OF REPRESENTATIVES

                             June 18, 2002

 Mr. Portman (for himself, Mr. Jefferson, Mr. Houghton, Mr. Levin, Mr. 
 Crane, Mr. Lewis of Georgia, Mr. Camp, and Mr. Tanner) 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 allow a 10-year foreign 
                        tax credit carryforward.

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

SECTION 1. 10-YEAR FOREIGN TAX CREDIT CARRYFORWARD.

    (a) General Rule.--Section 904(c) of the Internal Revenue Code of 
1986 (relating to carryback and carryover of excess tax paid) is 
amended by striking ``in the first, second, third, fourth, or fifth'' 
and inserting ``in any of the first 10''.
    (b) Effective Date.--The amendment made by this section shall apply 
to excess foreign taxes which (without regard to the amendment made by 
this section) may be carried forward to a taxable year ending after the 
date of the enactment of this Act.
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