A bill to make changes in the treatment of foreign income, to promote the development of an open, nondiscriminatory, and fair world economic system, to stimulate the economic growth of the United States, and for other purposes.
Tax Neutrality Act - Repeals, under the Internal Revenue Code, the special tax credit granted with respect to dividends received by shareholders owning stock in foreign Lesser Developed Country Holding Companies. Eliminates the special deduction for Western Hemisphere Trade Corporations.
Imposes a tax on the undistributed profits of foreign corporations to such corporations' United States shareholders based on each shareholders' prorata share of such undistributed profits. Excludes from gross income distributions to shareholders which have been previously taxed. Authorizes the Secretary of the Treasury to require shareholders of controlled foreign corporations to maintain records and accounts necessary to achieve the purposes of this Act.
Repeals the tax exemption presently permitted to Domestic International Sales Corporations.
Referred to House Committee on Ways and Means.
Introduced in Senate
Referred to Senate Committee on Finance.
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