Bill Archer: “today I am introducing the Tax Technical Corrections Act of 1995. I am joined on this legislation by Sam Gibbons, the…”

“today I am introducing the Tax Technical Corrections Act of 1995. I am joined on this legislation by Sam Gibbons, the distinguished ranking minority member of the Ways and Means Committee. This legislation makes necessary technical corrections to implement the intent of prior tax legislation. Virtually all of the items in this bill were included in H.R. 3419, which passed in the House during the 103d Congress. However, the bill does include some new technical corrections. I am introducing this legislation in order to give the public an opportunity to comment on it. Because I intend to mark up the technical corrections legislation during the Ways and Means Committee's consideration of the Contract With America tax provisions within the next 2 weeks, I would ask that any comments be submitted to the Ways and Means Committee as soon as possible. The following are the new technical corrections which were not included in the prior legislation: First, the bill clarifies that a U.S. shareholder's inclusion of a controlled foreign corporation's earnings invested in excess passive assets is treated like a dividend for purposes of the foreign tax credit limitation.”