To amend the Internal Revenue Code of 1986 to repeal the shipping investment withdrawal rules in section 955 and to provide an incentive to reinvest foreign shipping earnings in the United States.
American Shipping Reinvestment Act of 2011 - Amends the Internal Revenue Code to: (1) repeal shipping investment withdrawal tax rules; and (2) allow U.S. corporate shareholders an election to deduct dividends attributable to foreign base company shipping income received from a controlled foreign corporation.
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1839-1840)
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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