,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #ffdh  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,may #a1 #bjbj,ms4    
,plaskett 7= h]self & ,ms4 ,velzquez7   
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,ways & ,means  ,a     
,,bill  ,to am5d ! ,int]nal ,rev5ue     
,code ( #aihf to exclude c]ta9 am\nts f 
! te/$ income ( controll$ =eign         
corporations1 & = o!r purposes4  #a4    
,%ort title ,?is ,act may be cit$ z !   
,t]ritorial ,economic ,recov]y ,act4    
#b4 ,income ( c]ta9 qualifi$ possession 
corporations exclud$ f te/$ income  7a7 
,9 g5]al ,section #iea;,a ( ! ,int]nal  
,rev5ue ,code ( #aihf is am5d$-- 7#a7 9 
subsection 7c77#b77;,a77i71 by /rik+ &  
at ! end ( subclause ,,iv1 by /rik+ ov] 
& ins]t+ & at ! end ( subclause 7,v71 & 
by add+ at ! end ! foll[+ new subclause3
  7,,vi7 any income ( a qualifi$        
possession corporation t is effectively 
connect$ ) ! active conduct ( a trade or
 bus9ess )9 a possession ( ! ,unit$     
,/ates1 ov]  2 &  7#b7 by add+ at ! end 

! foll[+ new subsections3  7g7          
,possession ( ! ,unit$ ,/ates ,=        
purposes ( ?is section1 ! t]m possession
 ( ! ,unit$ ,/ates means ,pu]to ,rico1 !
 ,virg9 ,isl&s1 & any specifi$          
possession describ$ 9 section #ica7;c74 
7h7 ,qualifi$ possession corporation ,= 
purposes ( ?is section1 ! t]m qualifi$  
possession corporation means any        
controll$ =eign corporation = any       
taxable ye>1 if1 = ! ?ree-ye> p]iod 7or 
! p]iod dur+ :i* ! controll$ =eign      
corporation has be5 9 exi/5ce1 if %ort]7
 end+ 9 ! taxable ye> prec$+ ! taxable  
ye> 9 :i* ! det]m9ation is made-- 7#a7  
#hj p]c5t or m ( ! gross income ( su*   
corporation 0 d]iv$ f s\rces )9 a       
possession ( ! ,unit$ ,/ates1 &  7#b7   
#ge p]c5t or m ( ! gross income ( su*   
corporation 0 effectively connect$ ) !  
active conduct ( a trade or bus9ess )9 a
 possession ( ! ,unit$ ,/ates4  4  7b7  
,effective date ,! am5dm5ts made by ?is 
section %all apply ) respect to taxable 
ye>s beg9n+ aft] ,decemb] #ca1 #bjai4