Congress 108 - S 596 - Invest in the U.S.A. Act of 2003

Sponsor

Cosponsors

Topics

Affiliated corporations Capital investments Commerce Corporation taxes Dividends Employee training Finance and Financial Sector Foreign corporations Foreign tax credit Foreign Trade and International Finance Income tax Job creation Labor and Employment Minimum tax Research and development Science, Technology, Communications Stockholders Subsidiary corporations Tax rates Tax returns Taxation Taxation of foreign income

Full Text

View Full Bill Text

Votes

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.

Actions

Mar 30, 2004

Sponsor introductory remarks on measure. (CR S3321)
Mar 18, 2003

Star Print ordered on the bill.
Mar 11, 2003

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3519-3520)
Mar 11, 2003

Sponsor introductory remarks on measure. (CR S3519)
Mar 11, 2003

Introduced in Senate

Amendments

Related Bills