Congress 108 - S 1070 - World Trade Center Zone Tax Incentive Act

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Topics

Administrative procedure Affiliated corporations Commerce Corporate management Corporation taxes Department of the Treasury Executives Foreign corporations Foreign Trade and International Finance Government Operations and Politics Income tax International Affairs Labor and Employment Law Location of industries New York City Tax treaties Taxation Taxation of foreign income Transfer of employees Withholding tax

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Summary

World Trade Center Zone Tax Incentive Act - Amends the Internal Revenue Code to state that if there is a qualified headquarters relocation of an eligible foreign corporation, any qualified headquarters activities of the corporation conducted in the New York Liberty Zone shall be treated as conducted outside the United States for purposes of determining: (1) the amount of any tax or withholding tax; or (2) whether the corporation has a permanent establishment within the United States for purposes of any applicable income tax treaty between the United States and any foreign country.

Sets forth "qualified headquarters relocation" criteria with respect to transfers of employees and headquarters activities.

Provides for termination and recapture of tax benefits for failure to meet such requirements.

Defines "expanded affiliated group" for purposes of this Act.

Actions

May 15, 2003

Read twice and referred to the Committee on Finance.
May 15, 2003

Introduced in Senate

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