1、1 For background, see CRS Report RS20746, Export Tax Benefits and the WTO: TheExtraterritorial Income Exclusion and Foreign Sales Corporations, by David Brumbaugh.2 See CRS Report RL31790, Tobacco Quota Buyout Proposals in the 108th Congress, by Jasper(continued.)Congressional Research Service The L
2、ibrary of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS21885Updated December 20, 2004Overview of the 2004 Corporate TaxProvisions: Revenue EffectsJane G. GravelleSenior Specialist in Economic PolicyGovernment and Finance DivisionSummaryThe corporate tax revisions that repe
3、aled the extraterritorial income tax (ETI) andadopted a domestic tax reduction for manufacturing ( H.R. 4520) contained permanentprovisions that gained revenue in some cases and lost it in other cases. The bills alsocontained some temporary revenue losers. The most important of the permanentrevenue
4、gain provisions were the ETI repeal itself and some tax shelter provisions; themost important provisions that lost revenue were the manufacturing subsidies and theprovisions reducing tax on foreign source income. There were also a number oftemporary provisions that lost revenue, and a temporary opti
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