Economic Revitalization Tax Act of 2001

Fact Sheet API

Bill Number

S 1475

Introduced

Sep 26, 2001

Latest Action

Read twice and referred to the Committee on Finance.

Sponsor

Cosponsors

Topics

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

Full Text

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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 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

Sep 26, 2001

Introduced in Senate
Sep 26, 2001

Read twice and referred to the Committee on Finance.
Sep 26, 2001

Sponsor introductory remarks on measure. (CR S9881-9882)

Amendments

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