ExecutiveOrdersEO
DetDeterminationG.W. Bush · R

Presidential Determination

Intention to Grant Waiver of the Application of Section 901(j) of the Internal Revenue Code with Respect to Libya

President Bush determined that waiving a tax code provision denying foreign tax credits for income from Libya is in the U.S. national interest and would expand trade and investment opportunities for American companies. The determination authorizes the Treasury Secretary to report this intention to Congress and publish it in the Federal Register.

Federal Register Open PDF 70 FR 1783

Impact dates

  1. Arrange Federal Register publication

  2. Report to Congress on intention to grant waiver and reasons

Key directives

  • Determine waiver of section 901(j)(1) with respect to Libya is in national interest
  • Intend to grant waiver with respect to Libya
  • Authorize and direct Treasury Secretary to report intention and reasons to Congress per section 901(j)(5)(B)
  • Arrange for Federal Register publication of determination

Who is ordered

Timeline

Immediate

  • Determination made and Treasury Secretary directed to report to Congress

Near term (90d)

  • Federal Register publication arranged
  • Congressional notification completed

Long term

  • Potential expansion of U.S.-Libya trade and investment
  • Waiver implementation if Congress does not block

Risks & tensions

  • Timing gap: determination signed September 2004 but Federal Register filing delayed until January 2005, suggesting procedural complexity or strategic delay
  • Congressional review period under 901(j)(5)(B) creates uncertainty until legislative branch responds
  • Libya's designation history (state sponsor of terrorism) creates political sensitivity despite policy shift
Presidential Determination: Intention to Grant Waiver of the Application of Section 901(j) of the Internal Revenue Code with Respect to Libya · Executive Orders