HR 2550 · 107th Congress 2001–2003, ended

Economic Revitalization Tax Act of 2001

Introduced Jul 18, 2001 Originated House Sponsor Philip M. Crane R-IL

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

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

IntroducedJul 18, 2001
Passed HouseNot reached
Passed SenateNot reached
To the PresidentNot reached
Became lawNot reached

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.

Cosponsors 51

Members who signed on, in the order they did. Signatures ran from Jul 18, 2001 to Jul 9, 2002; 25 are original cosponsors, there from the day it was introduced.

Seat	Cosponsor		Signed on
D-PR	Anibal Acevedo-Vila	Original	Jul 18, 2001
D-TN	Bob Clement	Original	Jul 18, 2001
D-NY	Charles B. Rangel	Original	Jul 18, 2001
D-VI	Donna M. Christensen	Original	Jul 18, 2001
D-NY	Edolphus Towns	Original	Jul 18, 2001
D-AS	Eni F. H. Faleomavaega	Original	Jul 18, 2001
R-WI	F. James Sensenbrenner, Jr.	Original	Jul 18, 2001
R-IL	Jerry Weller	Original	Jul 18, 2001
R-MN	Jim Ramstad	Original	Jul 18, 2001
D-NY	Jose E. Serrano	Original	Jul 18, 2001
D-IL	Luis V. Gutierrez	Original	Jul 18, 2001
R-WI	Mark Green	Original	Jul 18, 2001
D-NY	Michael R. McNulty	Original	Jul 18, 2001
D-CA	Nancy Pelosi	Original	Jul 18, 2001
D-WV	Nick J. Rahall II	Original	Jul 18, 2001
D-NY	Nydia M. Velázquez	Original	Jul 18, 2001
D-MA	Richard E. Neal	Original	Jul 18, 2001
D-PA	Robert A. Brady	Original	Jul 18, 2001
D-GU	Robert A. Underwood	Original	Jul 18, 2001
D-NJ	Robert Menendez	Original	Jul 18, 2001
D-CA	Robert T. Matsui	Original	Jul 18, 2001
R-MS	Roger F. Wicker	Original	Jul 18, 2001
D-MD	Steny H. Hoyer	Original	Jul 18, 2001
D-LA	William J. Jefferson	Original	Jul 18, 2001
D-CA	Xavier Becerra	Original	Jul 18, 2001
R-NY	Amo Houghton		Jul 24, 2001
R-OH	Robert W. Ney		Jul 24, 2001
D-WA	Jim McDermott		Jul 25, 2001
R-MI	Joe Knollenberg		Jul 25, 2001
D-FL	Karen L. Thurman		Jul 25, 2001
D-CA	Michael M. Honda		Jul 27, 2001
R-FL	Mark Foley		Aug 2, 2001
D-NJ	Frank Pallone, Jr.		Sep 6, 2001
R-FL	Ileana Ros-Lehtinen		Sep 6, 2001
D-NY	Joseph Crowley		Sep 6, 2001
D-NC	Eva M. Clayton		Nov 15, 2001
D-CA	Joe Baca		Nov 15, 2001
D-VA	Robert C. "Bobby" Scott		Nov 15, 2001
D-TX	Ruben Hinojosa		Nov 15, 2001
D-TX	Solomon P. Ortiz		Nov 15, 2001
D-TX	Charles A. Gonzalez		Nov 27, 2001
D-CA	Grace F. Napolitano		Nov 27, 2001
D-CA	Hilda L. Solis		Nov 27, 2001
D-TX	Silvestre Reyes		Nov 27, 2001
D-CT	John B. Larson		Dec 17, 2001
D-IL	Janice D. Schakowsky		Feb 5, 2002
D-IL	Rod R. Blagojevich		Feb 5, 2002
R-GA	Johnny Isakson		Feb 28, 2002
R-PA	Phil English		Feb 28, 2002
D-MA	Barney Frank		Apr 25, 2002
D-IL	Danny K. Davis		Jul 9, 2002

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

Chamber	Committee	What it did
House	Ways and Means Committee	Referred Jul 18, 2001

Actions 3

Everything that happened, newest first.

Jul 18, 2001Introduced in House
Jul 18, 2001Sponsor introductory remarks on measure. (CR E1358)
Jul 18, 2001Referred to the House Committee on Ways and Means.

In the Congressional Record 1

Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.

Where	In the Record	Members	Date
Extensions	Debate and remarks E1358, E1359	Charles B. Rangel D-NY, Philip M. Crane R-IL	Jul 18, 2001

Titles 2

Every title it has carried, official and short, at each stage.

Official Title as Introduced: To amend the Internal Revenue Code of 1986 to provide an appropriate and permanent tax structure for investments in the Commonwealth of Puerto Rico and the possessions of the United States, and for other purposes.
Short Titles as Introduced: Economic Revitalization Tax Act of 2001

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

Text 1

Each version as it was printed, newest first.

Jul 18, 2001Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.