To secure the supply chain by providing an election to determine foreign income taxes paid or incurred to certain Western Hemisphere countries without regard to certain regulations.
Supply Chain Security Act
This bill allows a taxpayer to make an election, without regard to specified Treasury regulations, for purposes of determining whether any Western Hemisphere tax is an income, war profits, or excess profits tax. A Western Hemisphere tax is any tax paid to any U.S. possession or any foreign country (other than Cuba or Venezuela) that is located in North, Central, or South America (including the West Indies).
Placed on the Union Calendar, Calendar No. 99.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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