Congress 107 - HR 2550 - Economic Revitalization Tax Act of 2001

Sponsor

Cosponsors

Topics

American Samoa Business income tax Commerce Corporation taxes Dividends Finance and Financial Sector Foreign corporations Foreign investments Foreign Trade and International Finance Guam Income tax Law Licenses Manufacturing industries Northern Mariana Islands Puerto Rico Stockholders Tax exclusion Taxation Territories (U.S.) Virgin Islands

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Votes

Summary

Economic Revitalization Tax Act of 2001 - Amends Internal Revenue Code provisions concerning investment of earnings in U.S. property to set forth a separate rule governing any foreign corporation which is a controlled foreign corporation and is created or organized under the laws of, or engaged in the active conduct of a trade or business within, the Commonwealth of Puerto Rico or a possession of the United States.

Provides that in the case of certain dividends received by a domestic corporation from such a corporation, there shall be allowed as a deduction an amount equal to 85 percent of such dividend.

Establishes a safe harbor rule for certain transfers or licenses of intangible property to such a corporation.

Actions

Jul 18, 2001

Referred to the House Committee on Ways and Means.
Jul 18, 2001

Sponsor introductory remarks on measure. (CR E1358)
Jul 18, 2001

Introduced in House

Amendments

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