109th CONGRESS
2d Session

H. R. 4909

To repeal the transition and grandfather provisions relating to foreign sales corporations and extraterritorial income.

IN THE HOUSE OF REPRESENTATIVES

March 8, 2006

Mr. STARK introduced the following bill; which was referred to the Committee on Ways and Means

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A BILL

To repeal the transition and grandfather provisions relating to foreign sales corporations and extraterritorial income.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Trade Sanction Avoidance Act of 2006'.

SEC. 2. REPEAL OF FSC-ETI TRANSITION AND GRANDFATHER PROVISIONS.

(a) ETI Provisions- Section 101 of the American Jobs Creation Act of 2004 is amended by striking subsections (d) and (f).

(b) FSC Provisions- Section 5 of the FSC Repeal and Extraterritorial Income Exclusion Act of 2000 is amended by striking subsection (c).

(c) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2005.

END