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<PRE>[DOCID: f:s801is.txt]






107th CONGRESS
  1st Session
                                 S. 801

To amend the Internal Revenue Code of 1986 to repeal the limitation on 
   the use of foreign tax credits under the alternative minimum tax.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 30, 2001

 Mr. Jeffords (for himself, Mr. Conrad, Mr. Murkowski, Mr. Hatch, and 
  Mr. Breaux) introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to repeal the limitation on 
   the use of foreign tax credits under the alternative minimum tax.

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

SECTION 1. REPEAL OF LIMITATION ON FOREIGN TAX CREDIT UNDER ALTERNATIVE 
              MINIMUM TAX.

    (a) In General.--Section 59(a) of the Internal Revenue Code of 1986 
(relating to alternative minimum tax foreign tax credit) is amended by 
striking paragraph (2) and by redesignating paragraphs (3) and (4) as 
paragraphs (2) and (3), respectively.
    (b) Conforming Amendments.--Section 53(d)(1)(B)(i)(II) of such Code 
is amended by striking ``and if section 59(a)(2) did not apply''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2001.
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