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Publication Date: December 2004
Publisher: Library of Congress. Congressional Research Service
Author(s):
Research Area: Banking and finance
Type:
Abstract:
The corporate tax revisions that repealed the extraterritorial income tax (ETI) and adopted a domestic tax reduction for manufacturing ( H.R. 4520) contained permanent provisions that gained revenue in some cases and lost it in other cases. The bills also contained some temporary revenue losers. The most important of the permanent revenue gain provisions were the ETI repeal itself and some tax shelter provisions; the most important provisions that lost revenue were the manufacturing subsidies and the provisions reducing tax on foreign source income. There were also a number of temporary provisions that lost revenue, and a temporary optional itemized deduction for state and local sales taxes in lieu of state income taxes. This report summarizes the revenue effects of the House, Senate, and conference versions. This report will not be updated.