,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #cbhj  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,febru>y #ab1 #bjbj,mr4
 ,wyd5 7= himself & ,mr4 ,br[n7         
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to cl>ify t       
high-tax$ am\nts are exclud$ f te/$     
income = purposes ( det]m9+ global      
intangible l[-tax$ income only if su*   
am\nts w\ld be =eign base company income
 or insurance income4  #a4 ,%ort title  
,?is ,act may be cit$ z ! ,block+ ,new  
,corporate ,tax ,giveaways ,act4  #b4   
,cl>ification ( am\nts exclud$ f te/$   
income  7a7 ,9 g5]al ,section           
#iea;,a7c77#b77;,a77i77,,iii7 ( !       
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
to read z foll[s3  7,,iii7 any gross    
income ( su* corporation-- 7aa7 :i*1 )\t
 reg>d to section #ied7;b77#d71 is      
treat$ z =eign base company income 7z   
def9$ 9 section #ied7 or insurance      
income 7z def9$ 9 section #iec71 b  7bb7

 :i*1 aft] ! application ( section      
#ied7;b77#d71 is n s treat$1  4  7b7    
,effective date ,! am5dm5t made by ?is  
section %all apply to taxable ye>s (    
=eign corporations beg9n+ on or aft] !  
date ( ! enactm5t ( ?is ,act1 & to      
taxable ye>s ( ,unit$ ,/ates %>ehold]s 9
 :i* or ) :i* su* taxable ye>s ( =eign  
corporations end4