S 1406 · 95th Congress · Taxation

A bill to amend the Internal Revenue Code of 1954 to limit the foreign tax credit to amounts paid to national governments, permitting a deduction for foreign taxes paid to subordinate levels of government.

Introduced 1977-04-27· Sponsored by Sen. DeConcini, Dennis [D-AZ]· Senate

Bill Progress

Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Referred to Senate Committee on Finance.(1977-04-27)

Plain Language Summary

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to decrease the tax credit for certain taxes paid foreign national governments by up to ten percent paid while allowing a deduction for that amount of taxes for which the credit is denied.…

Summarized by Claude AI · Non-partisan · For informational purposes only