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SECTION 1. LIMITATION ON PUERTO RICO AND POSSESSION TAX CREDIT.

(a) General Rule.--Section 936 of the Internal Revenue Code of 1986
(relating to Puerto Rico and possession tax credit) is amended by
adding at the end thereof the following new subsection:
''(i) Denial of Credit for Income Attributable to Runaway Plants.--
''(1) In general.--
''(A) Income attributable to shareholders.--The
runaway plant income of a corporation electing the
application of this section for any taxable year
(hereinafter in this subsection referred to as the
'electing corporation') shall be included on a pro rata
basis in the gross income of all shareholders of such
electing corporation at the close of the taxable year
of such electing corporation as income from sources
within the United States for the taxable year of such
shareholder in which or with which the taxable year of
such electing corporation ends.
''(B) Exclusion from the income of an electing
corporation.--The taxable income of an electing
corporation shall be reduced by the amount which is
included in the gross income of a shareholder of such
corporation by reason of subparagraph (A).
''(2) Foreign shareholders; shareholders not subject to
tax.--
''(A) In general.--Paragraph (1)(A) shall not apply
with respect to any shareholder--
''(i) who is not a United States person, or
''(ii) who is not subject to tax under this
title on runaway plant income which would be
allocated to such shareholder (but for this
subparagraph).
''(B) Treatment of nonallocated runaway plant
income.--For purposes of this subtitle, runaway plant
income of an electing corporation which is not included
in the gross income of a shareholder of such
corporation by reason of subparagraph (A) shall be
treated as taxable income from sources within the
United States.
''(3) Exclusion of income for qualification tests.--Any
gross income taken into account in determining the amount of
the runaway plant income of any electing corporation shall not
be taken into account for purposes of subsection (a)(2).
''(4) Runaway plant income.--For purposes of this
subsection, the term 'runaway plant income' means the portion
of the taxable income of the electing corporation which is
attributable to a disqualified facility.
''(5) Disqualified facility.--For purposes of this
subsection--
''(A) In general.--The term 'disqualified facility'
means any facility at which operations are commenced
with respect to the electing corporation after March 3,
1993 unless--
''(i) the Secretary determines that
operations at such facility--
''(I) will not result in a
substantial adverse effect on the level
of employment at any facility in the
United States operated by the electing
corporation or a person related to the
electing corporation, and
''(II) will not result in such an
effect with respect to any other
facility in the United States on
account of changes in a supplier
relationship to the electing
corporation or a person related to the
electing corporation, and
''(ii) the electing corporation files a
request with the Secretary for a determination
under clause (i) on or before the earlier of--
''(I) the day 90 days after the
date on which an application is
submitted to the possession for tax
incentives for such facility, or
''(II) the day 1 year before the
date on which operations at such
facility commence.
The Secretary may treat a request not filed before the
time required under clause (ii) as timely filed if the
Secretary determines that there was reasonable cause
for not filing the request before the time required.
''(B) Certain revocations required.--
''(i) In general.--The Secretary shall
revoke a determination under subparagraph
(A)(i) at any time before the close of the 3-
year period beginning on the date on which
operations at the facility commenced if the
Secretary determines that, on the basis of the
facts and circumstances then known, the
requirements of subparagraph (A)(i) are not
satisfied.
''(ii) Misrepresentations, etc.--The
Secretary shall, at any time, revoke a
determination under subparagraph (A)(i) if, in
connection with the request for such
determination, there was a misrepresentation
with respect to (or a failure to disclose) any
material information by the electing
corporation or a related person.
''(iii) Revocations retroactive.--If any
determination is revoked under this
subparagraph, this subsection (other than
paragraph (8) thereof) shall be applied as if
such determination had never been made.
''(C) Opportunity for public comment.--No
determination may be made under subparagraph (A)(i)
unless the Secretary allows an opportunity for public
comment on the request for such determination.
''(6) Expansions treated as separate facilities.--
''(A) In general.--For purposes of this subsection,
any substantial increase in employment at a facility
shall be treated as a separate facility at which
operations are commenced with respect to the electing
corporation as of the date of such increase.
''(B) Substantial increase in employment.--For
purposes of subparagraph (A), there shall be deemed to
be a substantial increase in employment as of any day
at any facility if--
''(i) such day is the last day of a payroll
period and the average number of employees
performing services at such facility during
such period exceeds 110 percent of the average
number of employees performing services at such
facility during the corresponding payroll
period in the preceding calendar year, or
''(ii) there is an expansion in such
facility or the operations at such facility
with respect to which a separate or
supplemental application or other request
relating to tax incentives for such expansion
is made to governmental authorities of the
possession.
Appropriate adjustments in the application of clause
(i) shall be made in the case of employees not
performing services on a full-time basis.
''(7) Special rules.--
''(A) Distributions to meet qualification
standards.--Rules similar to the rules of subsection
(h)(4) shall apply for purposes of this subsection.
''(B) Related person.--For purposes of this
subsection, the rules of subparagraphs (D) and (E) of
subsection (h)(3) shall apply in determining whether
any person is related to the electing corporation.
''(8) Public disclosure.--
''(A) Publication in federal register.--The
Secretary shall publish in the Federal Register--
''(i) a notification of each request for a
determination under paragraph (5)(A)(i), and
''(ii) a notification of the Secretary's
determination in the case of each such request.
''(B) Public inspection of determination.--
''(i) In general.--Notwithstanding section
6103, the text of any determination made by the
Secretary under paragraph (5)(A)(i) and any
background file document relating to such
determination shall be open to public
inspection at such place as the Secretary may
prescribe.
''(ii) Exemptions from disclosure.--Rules
similar to the rules of section 6110(c) (other
than paragraph (1) thereof) shall apply for
purposes of clause (i).
''(iii) Background file document.--For
purposes of this subparagraph, the term
'background file document' has the meaning
given such term by section 6110(b)(2)
determined by treating the determination under
paragraph (2) as a written determination.''
(b) Effective Date.--
(1) In general.--The amendment made by subsection (a) shall
apply to taxable years ending after March 3, 1993.
(2) Time for filing request.--The time for filing a request
under section 936(i)(5)(A)(ii) shall in no event expire before
the date 90 days after the date of the enactment of this Act.
Output:
Amends the Internal Revenue Code to deny the Puerto Rico and possession tax credit to runaway plants (new or newly expanded operations at Puerto Rican or other possession facilities) unless the Secretary of the Treasury determines that such plants will not have a substantial adverse effect on employment at U.S. facilities. Provides a period for public comment prior to the Secretary's determination.