Foreign Tax Compliance Act of 1994 - Amends the Internal Revenue Code to include in the taxation of controlled foreign corporations income attributable to imported property.
Requires the separate application of limitations on the foreign tax credit for imported property income.
Expresses the sense of the Congress that deficit reduction should be achieved in part by eliminating enforcement breakdowns that enable foreign-controlled corporations operating in the United States, and foreign persons investing in the United States, to pay no taxes.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line