Bill on Shipping Investment Withdrawal Rules

Friday, August 01, 2008

Senator Cantwell (D-WA) introduced a bill (S. 3359) to amend the Internal Revenue Code of 1986 to repeal the shipping investment withdrawal rules in section 955 and to provide an incentive to reinvest foreign shipping earnings in the United States. The official text of the bill is not yet available, but an advance copy has been circulated. (HK Law).

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