Repeal of scheduled reduction in the deduction for foreign-derived intangible income

(a) In general Section 250(a)(3) of the Internal Revenue Code of 1986 is amended by striking paragraph (1) and all that follows and inserting paragraph (1)(B) shall be applied by substituting 37.5 percent for 50 percent.. (b) Effective date The amendment made by this section shall take effect on the date of the enactment of this Act.