A bill to amend the Internal Revenue Code of 1986 to expand the types of foreign source income which may be excluded from gross income by individual citizens and residents of the United States living abroad.
Overseas American Economic Competition Enhancement Act of 1987 - Amends Internal Revenue Code provisions relating to the taxable income of U.S. citizens or residents living abroad. Excludes from gross income (thus exempting from income tax), in addition to foreign earned income, the following items of qualified individuals: (1) U.S. earned income and certain capital gain net income during the period of a temporary stay or stays (not exceeding a total of 183 days) in the United States; (2) foreign income other than compensation for labor or personal services; (3) U.S. income not effectively connected with a U.S. trade or business; and (4) gain from the disposition of a U.S. real property interest.
Revises the criteria under which an individual qualifies for such tax exclusions to make eligible a U.S. citizen or resident who, during any 18-month period (currently 12 months), is present in a foreign country or countries during at least 510 full days (currently 330).
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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