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U.S. GOVERNMENT
INFORMATION
Gp
Calendar No. 381
108TH CONGRESS REPORT
1st Session SENATE 108-192
JUMPSTART OUR BUSINESS STRENGTH (JOBS) ACT
NOVEMBER 7, 2003.-Ordered to be printed
Mr. GRASSLEY, from the Committee on Finance,
submitted the following
REPORT
together with
ADDITIONAL AND MINORITY VIEWS
[To accompany S. 1637]
[Including cost estimate of the Congressional Budget Office]
The Committee on Finance, to which was referred the bill (S.
1637) to amend the Internal Revenue Code of 1986 to comply with
the World Trade Organization rulings on the FSC/ETI benefit in a
manner that preserves jobs and production activities in the United
States, to reform and simplify the international taxation rules of
the United States, and for other purposes, reports favorably there-
on with an amendment in the nature of a substitute and rec-
ommends that the bill, as amended, to pass.
CONTENTS
Page
I. Legislative Background ................................................................................ . 6
Title I-Provisions Relating to Repeal of Exclusion for Extraterritorial
Incom e ........................................................................................................ 7
A. Repeal of Extraterritorial Income Regime .................................... 7
1. Repeal of Exclusion for Extraterritorial Income (sec. 101
of the bill and secs. 114 and 941 through 943 of the
C ode) ........................................................................................ 7
2. Deduction relating to income attributable to United States
production activities (sec. 102 of the bill and new sec.
199 of the Code) ...................................................................... 11
Title II- International Tax Provisions ......................................................... 14
A. International Tax Reform ...................................14
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