W&M Release on House Passage of FSC Rule Changes

NEWS FROM THE COMMITTEE ON WAYS AND MEANS

[2] "Passage of this plan today means continued U.S. competitiveness in the global marketplace. It is critical for our economy. And most important, it is critical to preserve as many as 5 million jobs for American workers and their families. It is extremely important that we send a message to the Europeans that we are serious about this issue. The mother of all trade wars is something to be avoided," said Chairman Bill Archer (R-TX).

[3] A FSC is an entity often owned by a U.S. corporation that produces goods in the United States. The U.S. corporation either supplies goods to the FSC for resale abroad or pays the FSC a commission for such sales.

[4] A copy of H.R. 4986 is available on the Ways and Means website at waysandmeans.house.gov A detailed summary of the FSC Repeal and Extraterritorial Income Exclusion Act of 2000 is available on the Joint Committee on Taxation's website at www.house.gov/jct.