Home > 105th Congressional Bills > H.R. 1163 (ih) To amend title 10, United States Code, to transfer jurisdiction over Naval Oil Shale Reserves Numbered 1 and 3 to the Secretary of the Interior and to authorize the leasing of such reserves for oil and gas exploration and production. %%File...H.R. 1163 (ih) To amend title 10, United States Code, to transfer jurisdiction over Naval Oil Shale Reserves Numbered 1 and 3 to the Secretary of the Interior and to authorize the leasing of such reserves for oil and gas exploration and production. %%File...
108th CONGRESS
1st Session
H. R. 1162
To amend the Internal Revenue Service Code of 1986 to allow a deduction
for certain distributions from a controlled foreign corporation to
encourage companies to invest in worker hiring and training,
infrastructure investments, capital investments, financial
stabilization of the company, and research and development.
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IN THE HOUSE OF REPRESENTATIVES
March 6, 2003
Mr. Smith of Washington (for himself, Mr. Dooley of California, Mr.
McIntyre, Mr. Turner of Texas, Ms. Eshoo, Ms. Lofgren, Mr. Reyes, Mr.
Cooper, Mr. John, Mrs. Tauscher, Mr. Case, Mrs. McCarthy of New York,
Mrs. Jones of Ohio, Mr. Kind, Mr. Scott of Georgia, Mr. Baird, and Mr.
Davis of Florida) introduced the following bill; which was referred to
the Committee on Ways and Means
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A BILL
To amend the Internal Revenue Service Code of 1986 to allow a deduction
for certain distributions from a controlled foreign corporation to
encourage companies to invest in worker hiring and training,
infrastructure investments, capital investments, financial
stabilization of the company, and research and development.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Invest in America Act of 2003''.
SEC. 2. DEDUCTION BY UNITED STATES SHAREHOLDERS FOR DIVIDENDS RECEIVED
FROM A CONTROLLED FOREIGN CORPORATION.
(a) In General.--Subpart F of part III of subchapter N of chapter 1
of the Internal Revenue Code of 1986 (relating to controlled foreign
corporations) is amended by adding at the end the following new
section:
``SEC. 965. DIVIDENDS RECEIVED DEDUCTION.
``(a) General Rule.--In the case of a United States shareholder, if
such shareholder elects the application of this section, there shall be
allowed as a deduction for the taxable year an amount equal to the
excess of--
``(1) 85 percent of qualified distributions, over
``(2) the average of qualified distributions amounts for
the period of 3 taxable years (or the period the taxpayer was
in existence, if shorter) ending in 2000, 2001, and 2002.
``(b) Qualified Distribution.--
``(1) In general.--The term `qualified distribution' means,
with respect to a taxable year, the sum of--
``(A) dividend (as defined by section 316), and
``(B) the amount described in section 951(a)(1)(B),
received from a controlled foreign corporation during the first
taxable year of the shareholder ending after 90 days after the
date of the enactment of the Invest in America Act of 2003.
``(2) Exception.--Such term shall not include amounts
described in section 951(a)(1)(A).
``(3) Requirement to reinvest in united states.--No amount
described in subparagraph (A) or (B) of paragraph (1) shall be
treated as a qualified distribution for purposes of this
section unless such amount is reinvested in the United States
pursuant to a plan approved by the president or chief executive
officer of the United States shareholder prior to the
distribution from which such amount is derived and subsequently
approved by the Board of Directors (or management committee) of
such United States shareholder, which plan shall describe
expenditures to be made from such amount.
``(c) Disallowance of foreign tax credit.--
``(1) In general.--For purposes of this section, no credit
shall be allowed under section 901 for any taxes paid or
accrued (or treated as paid or accrued) with respect to the
portion of the qualified distribution allowed as a deduction
under subsection (a) for the taxable year.
``(2) Portion determined.--For purposes of paragraph (1),
the portion of the qualified distribution to which paragraph
(1) applies shall be the amount which bears the same ratio to
the credit allowed under section 901 (determined without regard
to this paragraph) for the taxable year as such portion bears
to the total qualified distributions for the taxable year.
``(d) Termination.--Subsection (a) shall apply only to the first
taxable year of a United States shareholder ending after 90 days after
the date of the enactment of the Invest in America Act of 2003.''.
(b) Alternative Minimum Tax.--Subparagraph (C) of section
56(g)(4)(C) of such Code is amended by adding at the end the following
new clause:
``(v) Special rule for certain
distributions from controlled foreign
corporations.--Clause (i) shall not apply to
any deduction allowable under section 965.''.
(c) Clerical Amendment.--The table of sections for subpart F of
part III of subchapter N of chapter 1 of such Code is amended by adding
at the end the following new item:
``Sec. 965. Dividends received
deduction.''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years ending after the date of the enactment of this
Act.
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