S.Amdt. 2649

SA 2649. Mr. BAYH submitted an amendment intended to be proposed by him to the bill S. 1637, to amend the Internal Revenue Code of 1986 to comply with the World Trade Organization rulings on the FSC/ETI benefit in a manner that preserves jobs and production activities in the United States, to reform and simplify the international taxation rules of the United States, and for other purposes; which was ordered to lie on the table; as follows:

At the end of the bill, add the following:

TITLE V--MISCELLANEOUS PROVISIONS

SEC. 501. APPLICATION OF COUNTERVAILING DUTY LAWS TO NONMARKET ECONOMIES.

(a) In General.--Section 701(a)(1) of the Tariff Act of 1930 (19 U.S.C. 1671(a)(1)) is amended by inserting “(including a nonmarket economy country)” after “country” each place it appears.

(b) Definitions.--Section 771(5)(C) of the Tariff Act of 1930 (19 U.S.C. 1677(5)(C)) is amended--

(1) by striking “owned and” and inserting “owned,”; and

(2) by striking “merchandise.” and inserting “merchandise, and without regard to whether the country is a nonmarket economy country.”.

(c) Effective Date.--The amendments made by this section apply to petitions filed under section 702 of the Tariff Act of 1930 on or after the date of the enactment of this Act.