Title I: Export Trading Companies - Export Trading Company Act of 1980 - Directs the Secretary of Commerce to promote export trading companies and facilitate contacts between producers of exportable goods and export trading companies.
Directs the Economic Development Administration and the Small Business Administration to give special weight to export-related benefits when considering applications for loans and guarantees by export trading companies.
Directs the Export-Import Bank of the United States to provide loan guarantees to export trading companies or exporters, to be secured by accounts receivable or inventories when adequate financing is not otherwise available and such guarantees will facilitate expansion of exports.
Title II: Export Trade Associations - Export Trade Association Act of 1980 - Amends the Webb-Pomerene Act to exempt the export trade, export trade activities, and methods of operation of certified export trade associations and export trading companies from the antitrust laws. Delays the effectiveness of any certificate upon the notification of the Secretary of Commerce by the Attorney General or the Federal Trade Commission (FTC) of disagreement with the decision to issue a certificate.
Sets forth the procedure to be followed by any association, company, or export trading company seeking certification under this Act and by the Secretary in issuing such certificates.
Provides for appeal of the Secretary's denial of certification. Authorizes the Attorney General or the FTC to bring an action to invalidate a certification. Requires the Secretary, in consultation with the Attorney General and the FTC, to publish guidelines for determining whether an association or export trading company will meet the certification requirements. Requires certified associations and export trading companies to submit annual reports to the Secretary.
Directs the Secretary to establish within the Department of Commerce an office to promote export trade associations and trading companies. Provides for automatic certification of existing associations. Requires that all applications for certification be kept confidential with specified exceptions. Authorizes the Secretary to require an association or trading company to modify the operation to be consistent with international obligations of the United States.
Directs the President to appoint, with the Senate's advice and consent, a task force seven years after enactment to examine the effect of this Act and to make recommendations.
Title III: Taxation of Export Trading Companies - Amends the Internal Revenue Code of 1954 to include the gross receipts from the export of services produced in the United States and from export trade services as qualified export receipts, in the case of a domestic international sales corporation (DISC) which is an export trading company. Directs the Secretary of Commerce, with the Secretary of the Treasury, to develop and distribute information concerning the utilization of the DISC provisions.
Amends the Internal Revenue Code of 1954 to make export trading companies eligible for Subchapter S treatment if the shareholders of such companies are otherwise small business corporations. Exempts such companies from restrictions on the amount of foreign income they can receive and still be eligible for Subchapter S tax treatment.
Introduced in House
Introduced in House
Referred to House Committee on Foreign Affairs.
Referred to House Committee on the Judiciary.
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to House Committee on Ways and Means.
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