Foreign Tax Compliance Act of 1994

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.