[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4909 Introduced in House (IH)]







109th CONGRESS
  2d Session
                                H. R. 4909

To repeal the transition and grandfather provisions relating to foreign 
            sales corporations and extraterritorial income.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 8, 2006

  Mr. Stark introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To repeal the transition and grandfather provisions relating to foreign 
            sales corporations and extraterritorial 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 ``Trade Sanction Avoidance Act of 
2006''.

SEC. 2. REPEAL OF FSC-ETI TRANSITION AND GRANDFATHER PROVISIONS.

    (a) ETI Provisions.--Section 101 of the American Jobs Creation Act 
of 2004 is amended by striking subsections (d) and (f).
    (b) FSC Provisions.--Section 5 of the FSC Repeal and 
Extraterritorial Income Exclusion Act of 2000 is amended by striking 
subsection (c).
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2005.
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