Proposal Relating to Current U.S. Taxation of Certain Operations of Controlled Foreign Corporations (H.R. 2889--American Jobs And Manufacturing Preservation Act of 1991) And Related Issues : Scheduled for a Hearing Before the House Committee On Ways And M

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2632, introduced June 12, 1991 by Mr. Stark. H.R. 2632 would tend to reduce the Puerto Rico and possessions tax credit available to domestic corporations for their operations in Puerto Rico or U.S. possessions that may have a substantial adverse effect on employment at facilities in the United States. However, H.R. 2632 does not deal with deferral for income from operations carried on through U.S.-owned foreign corporations in foreign countries, and the ap- plication of H.R. 2889 does not turn ...on the factual connection between operations or employ- ment at particular domestic and foreign facilities.
^* Department of the Treasury, Proposals for Tax Change 159-68 (1973), reprinted in General Tax Reform: Hearings on the Subject of General Tax Reform Before the House Comm. on Ways and Means, 93d Cong., 1st Bess. 6901, 7061-70 (1973)); Trade Reform: Hearings on H.R. 6767 Before the House Comm. on Ways and Means, 93d Cong., 1st Bess. 156-57, 161-62 (1973) (testimo- ny of George P. Schultz, Secretary of the Treasury).


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