Sec. 936 in the Senate
Tax reform legislation, which passed the Senate Finance Cmte. May 7 by a 20-0 vote and has been praised by Democrats and Republicans in both houses of Congress and by President Reagan, reportedly retains possessions corporation tax credits under Section 936 of the tax code. It also adds language to liberalize the use of passive income for the Caribbean Basin Initiative. Majority Leader Dole (R-Kansas) said he plans to take up the bill on the Senate floor on June 2.
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