H.R. 1417

To amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income.

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I

109th CONGRESS

1st Session

H. R. 1417

IN THE HOUSE OF REPRESENTATIVES

March 17, 2005

Mr. McCrery (for himself, Mr. Neal of Massachusetts, Mr. Shaw, Mr. Herger, Mr. Sam Johnson of Texas, Mr. English of Pennsylvania, Mr. Weller, Mr. Hulshof, Mr. Lewis of Kentucky, Mr. Foley, Mr. Cantor, Ms. Hart, Mr. Beauprez, Mr. McDermott, Mr. Jefferson, Mr. Becerra, and Mr. Crowley) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income.

1.

Permanent subpart f exemption for active financing income

(a)

Banking, financing, or similar businesses

Subsection (h) of section 954 of the Internal Revenue Code of 1986 (relating to special rule for income derived in the active conduct of banking, financing, or similar businesses) is amended by striking paragraph (9).

(b)

Insurance businesses

Subsection (e) of section 953 of such Code (relating to exempt insurance income) is amended by striking paragraph (10) and by redesignating paragraph (11) as paragraph (10).

(c)

Effective date

The amendments made by this section shall apply to taxable years of a foreign corporation beginning after the date of the enactment of this Act, and to taxable years of United States shareholders with or within which such taxable years of such foreign corporation end.