ExecutiveOrdersEO
DetDeterminationG.W. Bush · R Quiet signal

Presidential Determination

Presidential Determination to Waive the Application of Section 901(j) of the Internal Revenue Code With Respect to Libya

President Bush waived Section 901(j)(1) of the Internal Revenue Code for Libya, allowing U.S. taxpayers to claim foreign tax credits for taxes paid to Libya. This determination reflects Libya's removal from the U.S. list of state sponsors of terrorism following its 2003 renunciation of WMD programs.

Federal Register Open PDF 70 FR 1785

Impact dates

  1. Federal Register publication filed

Key directives

  • Waive application of IRC Section 901(j)(1) with respect to Libya
  • Arrange for Federal Register publication

Who is ordered

Timeline

Immediate

  • Waiver takes effect upon signing (December 10, 2004)
  • Foreign tax credit eligibility restored for Libya

Near term (90d)

  • Publication in Federal Register (filed January 7, 2005)

Long term

  • Enhanced U.S.-Libya economic normalization
  • Potential increased U.S. investment in Libyan oil sector

Risks & tensions

  • Timing suggests follow-through to Libya's 2003 WMD renunciation and terrorism list removal; limited transparency on specific Libya policy trajectory in document itself
Presidential Determination: Presidential Determination to Waive the Application of Section 901(j) of the Internal Revenue Code With Respect to Libya · Executive Orders