To amend the Internal Revenue Code of 1986 to extend the deduction allowable with respect to income attributable to domestic production activities in Puerto Rico.

Bill: 113-hr-3968
Sponsor: full_name: Resident Commissioner Pierluisi, Pedro R. [D-PR-At Large]
Introduced: 2014-01-29
Policy area: Taxation
Subjects: Caribbean area

Electric power generation and transmission

Income tax deductions

Lease and rental services

Manufacturing

Oil and gas

Public utilities and utility rates

Puerto Rico

U.S. territories and protectorates

Water use and supply
Latest action: action_date: 2014-01-29
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2014-01-29
action_desc: Introduced in House
text: <p>Amends the Internal Revenue Code to extend through 2015 the tax deduction for income attributable to domestic production activities in Puerto Rico. </p>

tv_txt: I 113th CONGRESS 2d Session H. R. 3968 IN THE HOUSE OF REPRESENTATIVES January 29, 2014 Mr. Pierluisi (for himself and Mr. Grayson ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to extend the deduction allowable with respect to income attributable to domestic production activities in Puerto Rico.

1. Extension of deduction allowable with respect to income attributable to domestic production activities in Puerto Rico (a) In general Section 199(d)(8)(C) of the Internal Revenue Code of 1986 is amended— (1) by striking first 8 taxable years and inserting first 10 taxable years , and (2) by striking January 1, 2014 and inserting January 1, 2016 . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2013.