S 596 · 108th Congress 2003–2005, ended

Invest in the U.S.A. Act of 2003

Introduced Mar 11, 2003 Originated Senate Sponsor John Ensign R-NV

Fact sheet

Latest action · Mar 30, 2004 Sponsor introductory remarks on measure. (CR S3321)

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.

  1. IntroducedMar 11, 2003
  2. Passed SenateNot reached
  3. Passed HouseNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Invest in the U.S.A. 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 alternative minimum tax or corporate rates, if dividends received are reinvested in the United States in an approved plan.

Limits foreign tax credits with respect to dividends taxed at such 5.25 percent rate.

Cosponsors 33

Members who signed on, in the order they did. Signatures ran from Mar 11, 2003 to Mar 3, 2004, with 5 there on the day it was introduced.

SeatCosponsorSigned on
D-CABarbara BoxerOriginalMar 11, 2003
D-INEvan BayhOriginalMar 11, 2003
R-VAGeorge AllenOriginalMar 11, 2003
R-ORGordon H. SmithOriginalMar 11, 2003
R-WYMichael B. EnziOriginalMar 11, 2003
R-PARick SantorumMar 20, 2003
R-MSThad CochranApr 3, 2003
R-TXJohn CornynApr 29, 2003
D-ORRon WydenApr 30, 2003
R-KYJim BunningMay 6, 2003
R-IDMike CrapoMay 6, 2003
R-AZJon KylMay 12, 2003
R-MNNorm ColemanMay 13, 2003
D-ARBlanche L. LincolnMay 15, 2003
R-VAJohn WarnerJun 26, 2003
Show all 33 cosponsors

Actions 5

Everything that happened, newest first.

  1. Mar 30, 2004Sponsor introductory remarks on measure. (CR S3321)
  2. Mar 18, 2003Star Print ordered on the bill.
  3. Mar 11, 2003Introduced in Senate
  4. Mar 11, 2003Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3519-3520)
  5. Mar 11, 2003Sponsor introductory remarks on measure. (CR S3519)

Subjects

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

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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.