Territorial Economic Recovery Act

Bill 119 HR 363, also known as the "Foreign Income Exclusion Act," aims to make changes to the Internal Revenue Code of 1986 in order to exclude certain amounts from the tested income of controlled foreign corporations. This bill is designed to address issues related to the taxation of income earned by foreign subsidiaries of US companies.

The main purpose of this bill is to provide relief for US companies with controlled foreign corporations by excluding certain amounts from their tested income. This exclusion would help reduce the tax burden on these companies and encourage them to invest and expand their operations overseas.

In addition to excluding certain amounts from tested income, the bill also includes provisions for other purposes related to the taxation of controlled foreign corporations. These provisions are aimed at simplifying the tax code and making it easier for companies to comply with tax laws. Overall, Bill 119 HR 363 seeks to make changes to the tax code that will benefit US companies with controlled foreign corporations. By excluding certain amounts from tested income and simplifying tax laws, this bill aims to promote economic growth and competitiveness in the global marketplace.