H.R. 2542 would amend the Internal Revenue Code of 1986 to repeal the shipping investment withdrawal rules in section 955 and to provide an incentive to reinvest foreign shipping earnings in the United States.
Detailed Summary
American Shipping Reinvestment Act of 2009 - Amends the Internal Revenue Code to: (1) repeal shipping investment withdrawal tax rules; and (2) allow U.S. corporate shareholders an election to deduct dividends attributable to foreign base company shipping income received from a controlled foreign corporation.
Status of the Legislation
Latest Major Action: 5/21/2009: Referred to House committee. Status: Referred to the House Committee on Ways and Means.
Points in Favor
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Points Against
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