A bill to amend the Internal Revenue Code of 1954 to treat deductions for research and experimental expenses attributable to activities conducted in the United States as allocable to income from sources within the United States.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to permit U.S. businesses with operations in foreign countries to treat all of their domestic research and experimental expenditures as deductions against U.S. source income. (Current IRS regulations require the allocation of a portion of such expenses against foreign source income.)…