Fairness, Simplification and Competitiveness for American Business Act of 2003
Latest action · Jan 8, 2003 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.
- IntroducedJan 8, 2003
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Revises provisions concerning treatment of controlled foreign corporations, including: (1) expanding the de minimis rule; (2) excluding from the definition of "foreign base company oil related income" the pipeline transportation of oil or gas within such foreign country; (3) repealing rules applicable to foreign personal holding companies and foreign investment companies; (4) amending the definition of foreign personal holding company income to include income from certain personal services contracts and sale of such contracts; (5) repealing controlled foreign corporation rules on foreign base company sales and service income; (6) reducing foreign tax credit baskets; and (7) not treating interest, dividends, rents, and royalties from a related controlled foreign corporation as foreign personal holding company income.
Sets forth provisions concerning foreign tax credit, including: (1) extending the period in which excess foreign taxes may be carried; (2) defining overall domestic loss and setting forth provisions for determining taxable income for any taxpayer sustaining such a loss; (3) issuing special rules relating to financial services income; (4) dictating rules for the treatment of dividends from certain corporations and extending the look-through treatment for such corporations; (5) extending the carryforward period for foreign tax credits; (6) repealing the limitation of such credits under the alternative minimum tax; and (7) eliminating limitation on such credits with regard to oil or gas extraction taxes.
Exempts certain foreign corporations from uniform capitalization rules.
Sets forth provisions concerning airline mileage awards to certain foreign persons.
Repeals the special capital gains tax on certain nonresident aliens.
Exempts dividends paid by a foreign corporation to a nonresident alien from 30 percent taxation.
Permits, for interest allocation rule purposes, treating each electing worldwide affiliated group as an affiliated group, subject to exceptions.
Makes permanent the subpart F exception for active income financing (presently, the exception expires for taxable years beginning after December 31, 2006).
Cosponsors 5
Members who signed on, in the order they did. Signatures ran from Jan 8, 2003 to Nov 25, 2003; 3 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-MN | Jim Ramstad | Original | Jan 8, 2003 |
| R-OH | Rob Portman | Original | Jan 8, 2003 |
| R-TX | Sam Johnson | Original | Jan 8, 2003 |
| D-GA | Sanford D. Bishop, Jr. | Nov 25, 2003 | |
| R-OH | Steven C. LaTourette | Nov 25, 2003 |
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 Jan 8, 2003 |
Actions 3
Everything that happened, newest first.
- Jan 8, 2003Introduced in House
- Jan 8, 2003Sponsor introductory remarks on measure. (CR E54)
- Jan 8, 2003Referred 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 E54 | Amo Houghton R-NY | Jan 8, 2003 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 108-20 | 2003 TAX RETURN FILING SEASON AND THE IRS BUDGET FOR FISCAL YEAR 2004121 pages | Ways and Means Committee | Apr 8, 2003 |
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 simplify certain rules relating to the taxation of United States businesses operating abroad, and for other purposes.
- Short Titles as Introduced
- Fairness, Simplification and Competitiveness for American Business Act of 2003
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Accounting
- Administrative procedure
- Affiliated corporations
- Airline passenger traffic
- Alien property
- Aliens
- American investments
- Bank holding companies
- Brokers
- Capital gains tax
- Commerce
- Congress
- Congressional reporting requirements
- Consumer discounts
- Contracts
- Corporate debt
- Corporation taxes
- Department of the Treasury
- Dividends
- Earnings
- Energy
- Estate tax
- Excise tax
- Export finance
- Export trading companies
- Finance and Financial Sector
- Financial institutions
- Financial services
- Foreign banks and banking
- Foreign corporations
- Foreign exchange
- Foreign investments
- Foreign tax credit
- Foreign Trade and International Finance
- Futures trading
- Gas industry
- Gas pipelines
- Government Operations and Politics
- Government paperwork
- Holding companies
- Immigration
- Income tax
- Insurance companies
- Interest
- International banking
- Law
- Losses
- Minimum tax
- Mutual funds
- Partnerships
- Petroleum industry
- Petroleum pipelines
- Profit
- Securities industry
- Service industries
- Stockholders
- Stocks
- Subsidiary corporations
- Tax administration
- Tax deductions
- Tax exclusion
- Tax exemption
- Tax rates
- Tax returns
- Taxation
- Taxation of foreign income
- Translating and interpreting
- Transportation and Public Works
- Withholding tax
Text 1
Each version as it was printed, newest first.
- Jan 8, 2003Introduced in House
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.