Us Code § 908 - Reduction of credit for participation in or cooperation with an international boycott
Full text of Us Code United States Code § 908 — Reduction of credit for participation in or cooperation with an international boycott, with citation guidance and answers to common questions.
§ 908. Reduction of credit for participation in or cooperation with an international boycott
(a) In general
If a person, or a member of a controlled group (within the meaning of section 993(a)(3)) which includes such person, participates in or cooperates with an international boycott during the taxable year (within the meaning of section 999(b)), the amount of the credit allowable under section 901 to such person, or under section 960 to United States shareholders of such person, for foreign taxes paid during the taxable year shall be reduced by an amount equal to the product of—
(1) the amount of the credit which, but for this section, would be allowed under section 901 for the taxable year, multiplied by
(2) the international boycott factor (determined under section 999).
(b) Application with sections 275(a)(4) and 78
Section 275(a)(4) and section 78 shall not apply to any amount of taxes denied credit under subsection (a).
(Added Pub. L. 94–455, title X, §1061(a), Oct. 4, 1976, 90 Stat. 1649; amended Pub. L. 115–97, title I, §14301(c)(28), Dec. 22, 2017, 131 Stat. 2224.)
Editorial Notes
Amendments
2017—Subsec. (a). Pub. L. 115–97 struck out "902 or" after "or under section" in introductory provisions.
Statutory Notes and Related Subsidiaries
Effective Date of 2017 Amendment
Amendment by Pub. L. 115–97 applicable to taxable years of foreign corporations beginning after Dec. 31, 2017, and to taxable years of United States shareholders in which or with which such taxable years of foreign corporations end, see section 14301(d) of Pub. L. 115–97, set out as a note under section 78 of this title.
Effective Date
Pub. L. 94–455, title X, §1066(a), Oct. 4, 1976, 90 Stat. 1654, provided that:
"(1)
"(2)
About This Section
26 U.S.C. § 908 is part of Title 26 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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