Export Trading Company Act of 1979
Latest action. Referred to Senate Committee on Finance.
Export Trading Company Act of 1979 - Title I: Establishment of Export Trading Companies - Sets forth the procedure for the licensing of export trading companies. Prohibits licensing any such company if: (1) a foreign entity owns stock in such company; (2) any person owns more than 20 percent of the stock of such company and does not submit a divestiture plan; or (3) such company engages in manufacturing directly or indirectly as a member of a controlled group of corporations. Gives the Secretary of Commerce exclusive jurisdiction to determine whether such company meets the terms and conditions of its license. Sets forth the procedures to be followed and the remedies for violations. Makes licensed export trading companies eligible for loans and guarantees from the Export-Import Bank of the United States, the Small Business Administration, and the Economic Development Administration, to meet export-related operating expenses. Authorizes the Export-Import Bank to provide loan guarantees to such companies. Permits banks and bank holding companies to purchase a portion of the equity securities of licensed export trading companies. Exempts licensed export trading companies from the antitrust laws as long as specified conditions do not exist. Title II: Tax Treatment of Export Trading Companies and their Shareholders - Amends the Internal Revenue Code of 1954 to permit licensed export trading companies to elect not to be subject to taxes imposed by this title. Stipulates that distributions from such companies shall be included in gross income or applied to reduce the basis of the stock to the shareholder. Permits the investment tax credit of electing companies, to be allowed as a credit to the shareholders of such company according to a specified formula. Makes shareholders of such companies eligible for a foreign tax credit. Prohibits the allocation of income and deductions among taxpayers, when such taxpayers are an electing export trading company and a foreign subsidiary of such company. Stipulates that net operating losses of such companies shall be only carried over. Requires those companies electing to be subject to taxes imposed by this title to include specified information in their returns. Requires each such company to report annually to the Secretary of the Treasury summarizing its operations.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on August 2, 1979. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on August 2, 1979: Referred to Senate Committee on Finance.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
ADLAI STEVENSON (D-IL) introduced it on August 2, 1979, and 5 members have since signed on as cosponsors.
They come from both major parties: 3 Democrats, 2 Republicans.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on August 2, 1979, 17206 days ago. The most recent recorded action was 17206 days ago, on August 2, 1979.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers