S.Amdt. 2912

SA 2912. Mrs. HUTCHISON submitted an amendment intended to be proposed to amendment SA 2886 submitted by Mr. McConnell (for Mr. Frist) 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:

On page 22, strike lines 3 through 14 and insert the following:

“(e) Domestic Production Gross Receipts.--For purposes of this section--

“(1) In general.--

“(A) Receipts from qualifying production property.--The term ‘domestic production gross receipts' means the gross receipts of the taxpayer which are derived from--

“(i) any sale, exchange, or other disposition of, or

“(ii) any lease, rental, or license of, qualifying production property which was manufactured, produced, grown, or extracted in whole or in significant part by the taxpayer within the United States.

“(B) Receipts from certain services.--Such term also includes the gross receipts of the taxpayer which are derived from any construction, engineering, or architectural services performed in the United States for construction projects in the United States.