A bill 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 1995 - 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 income 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 Senate
Sponsor introductory remarks on measure. (CR S15498)
Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S1385-1386)
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