A bill to exempt certain income of nonresident alien authors, artists, and composers from taxation.

[AI summary unavailable — showing source text] Exempts the following items from the income tax of a nonresident alien author, under the Internal Revenue Code: gains and net earnings derived from the sale, or other disposition, or the transfer of any interest in, or the licensing of the use of, a literary, artistic, or musical composition by an individual whose personal efforts created such property and who is a citizen of a developing country. Provides that this exemption shall apply to taxable years between December 31, 1972, and December 31, 1977, but shall be extended if during this period any developing country shall grant an equivalent exemption from its taxes for authors, artists, and composers who are citizens of the United States. (Adds 26 U.S.C. 897)…