legislation: 100-hr-4825

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
100-hr-4825 100 hr 4825 A bill to amend the Internal Revenue Code of 1986 to revise the export financing exception to the separate application of the foreign tax credit limitation to financial services income. Taxation 1988-06-15 1988-06-15 Referred to House Committee on Ways and Means. House Rep. Gibbons, Sam [D-FL-7] FL D G000153 1 Amends Internal Revenue Code provisions relating to the export financing exception to the separate application of the foreign tax credit limitation to financial services income. Permits a taxpayer predominantly engaged in the active business of providing financial services to treat any interest derived from export financing as overall limitation income for foreign tax credit calculation purposes. (Under current law there is a special limitation for financial services income.) Revises the definition of "export financing interest" to include (and thus defer from taxation) interest derived from financing the sale for export of any qualified property manufactured, produced, grown, or extracted in the United States. (Current law applies to the same properties, but only if produced by the taxpayer or a related person.) Applies this amendment expressly to Export-Import Bank loans. 2024-02-07T16:32:33Z  

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