To amend the Internal Revenue Code of 1986 to end deferral for United States shareholders on income of controlled foreign corporations attributable to property imported into the United States.
American Jobs and Manufacturing Preservation Act of 1991 - Amends the Internal Revenue Code to include imported property income of a controlled foreign corporation or related person as foreign base company income. Defines imported property income as that from: (1) manufacturing, producing, growing, or extracting imported property; (2) the sale, exchange, or other disposition of imported property; or (3) the lease, rental, or licensing of imported property.
Requires the separate application of the limitation on the foreign tax credit on imported property income. Applies the look-thru rules in the case of controlled foreign corporations to such income.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Committee Hearings Held.
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