S.Amdt. 2869
What it does: Adds SEC. __. DELAY IN EFFECTIVE DATE OF FINAL REGULATIONS GOVERNING EXCLUSION OF INCOME FROM INTERNATIONAL OPERATION OF SHIPS OR AIRCRAFT at the end of subtitle C of title II
Sen. Bob Graham (D-FL)What it changes
1 change to S. 1637 · shown in the bill's text
Adds SEC. __. DELAY IN EFFECTIVE DATE OF FINAL REGULATIONS GOVERNING EXCLUSION OF INCOME FROM INTERNATIONAL OPERATION OF SHIPS OR AIRCRAFT at the end of subtitle C of title II
Adds a sectionIn S. 1637 · Reported to Senate
"(C) The Committee on Foreign Relations shall consider the views submitted by the Committee on Finance and shall include such views in any report of the treaty to the Senate.".
Inserted: SEC. __. DELAY IN EFFECTIVE DATE OF FINAL REGULATIONS GOVERNING EXCLUSION OF INCOME FROM INTERNATIONAL OPERATION OF SHIPS OR AIRCRAFT.
Inserted: Notwithstanding the provisions of Treasury regulation Sec. 1.883-5, the final regulations issued by the Secretary of the Treasury relating to income derived by foreign corporations from the international operation of ships or aircraft (Treasury regulations Sec. 1.883-1 through Sec. 1.883-5) shall apply to taxable years of a foreign corporation seeking qualified foreign corporation status beginning after September 24, 2004.
Original wording
At the end of subtitle C of title II add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 2869. Mr. GRAHAM of Florida (for himself, Mr. Nelson of Florida, Ms. Cantwell, and Mrs. Murray) 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 subtitle C of title II add the following:
SEC. __. DELAY IN EFFECTIVE DATE OF FINAL REGULATIONS GOVERNING EXCLUSION OF INCOME FROM INTERNATIONAL OPERATION OF SHIPS OR AIRCRAFT.
Notwithstanding the provisions of Treasury regulation Sec. 1.883-5, the final regulations issued by the Secretary of the Treasury relating to income derived by foreign corporations from the international operation of ships or aircraft (Treasury regulations Sec. 1.883-1 through Sec. 1.883-5) shall apply to taxable years of a foreign corporation seeking qualified foreign corporation status beginning after September 24, 2004.
Legislative Activity
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Senate amendment submitted
March 22, 2004