H.R.1672: To amend the Internal Revenue Code of 1986 to deny qualified dividend income treatment to certain foreign dividends.

Amends the Internal Revenue Code to deny preferential tax rates (5 to 15%) for dividends paid by a foreign corporation if: (1) such dividends are allowed as a tax deduction or credit under the tax laws of the country in which such foreign corporation is established; (2) such foreign corporation is not treated as a corporation, is exempt from taxation, or is a passive foreign investment company under the laws of its foreign country; or (3) such...

(Source: Library of Congress)