W&M Release on House Passage of FSC Repeal
W&M Release on House Passage of FSC Repeal
- AuthorsArcher, Rep. Bill
- Institutional AuthorsHouse of RepresentativesWays and Means Committee
- Cross-Reference
- Code Sections
- Subject Area/Tax Topics
- Index Termslegislation, taxFSCsinternational tradetax policy, reform
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2000-29343 (1 original page)
- Tax Analysts Electronic Citation2000 TNT 221-33
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NEWS FROM THE COMMITTEE ON WAYS AND MEANS
November 14, 2000
[1] WASHINGTON -- The House of Representatives today overwhelmingly approved by a 316-72 vote a comprehensive bipartisan plan to repeal current law relating to the taxation of foreign sales corporations (FSC) and to substitute provisions excluding extraterritorial income from taxation. The plan passed the Senate on November 1st and now goes to the President to be signed into law.
[2] "The clock is ticking and 5 million American jobs are at stake. Only by acting now can we avoid a destructive transatlantic trade war. There will be no winners in such a war, only losers, and the biggest losers will be American workers whose products will be no longer be competitive in European markets," said Chairman Bill Archer (R-TX).
[3] "By completing the difficult work necessary to send this bill to the President, we have put the United States in the best possible position to defend our interests in the WTO. This bill represents an achievement of bipartisan cooperation in the best interests of American businesses and workers," said Trade Subcommittee Chairman Phil Crane (R-IL).
[4] 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. The bill passed today would replace this system.
[5] 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.
- AuthorsArcher, Rep. Bill
- Institutional AuthorsHouse of RepresentativesWays and Means Committee
- Cross-Reference
- Code Sections
- Subject Area/Tax Topics
- Index Termslegislation, taxFSCsinternational tradetax policy, reform
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2000-29343 (1 original page)
- Tax Analysts Electronic Citation2000 TNT 221-33