Dear Trent and Tom:
We are writing to request that you seek a unanimous consent agreement on H.R. 4986, the "FSC Repeal and Extraterritorial Income Exclusion Act of 2000," as recently unanimously reported out of the Finance Committee. This legislation complies with a ruling by a dispute settlement panel of the World Trade Organization ("WTO") deeming the Foreign Sales Corporation provisions of the Internal Revenue Code to be an export subsidy against the WTO rules. The critical point is that, unless the legislation is in effect by Oct. 1, the European Union could begin to impose significant retaliatory duties on a broad range of U.S. exports.
To avoid that eventuality, we would like to see the legislation, as reported by the Committee, cleared during daily wrap-up so that we can begin what we believe will be a quick conference with the House. Given Finance Committee's unanimous approval of this legislation, we believe that an unanimous consent procedure outlined above to be a reasonable request to both sides of the aisle.
Sincerely,
William V. Roth, Jr.
Chairman
Daniel Patrick Moynihan Ranking Minority Member
Source: Ranking Member’s News
