Homeland Investment Act of 2003 - Amends the Internal Revenue Code to permit a U.S. corporation doing business abroad to elect to have its foreign earnings taxed in the United States for one year at a rate equal to 5.25 percent of the excess qualified foreign distribution and the amount attributable to such corporation as controlled foreign-earned dividends in lieu of being taxed under individual or corporate rates.
Limits foreign tax credits with respect to dividends taxed at such 5.25 percent rate.
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Feb 13, 2003
Referred to the House Committee on Ways and Means.