3.0.0 6288 2023-01-12T17:52:12Z 2023-01-12T17:52:12Z House H HR 2006-09-29 109 hswm00 Ways and Means Committee House Standing Referred to 2006-09-29T13:01:20Z 2006-09-29 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2006-09-29 Sponsor introductory remarks on measure. (CR E1932-1933) IntroReferral B00100 9 Library of Congress 2006-09-29 Introduced in House IntroReferral Intro-H 9 Library of Congress 2006-09-29 Introduced in House IntroReferral 1000 9 Library of Congress J000174 Rep. Johnson, Sam [R-TX-3] SAM JOHNSON R TX 3 N Taxation Accounting Affiliated corporations Commerce Earnings Energy Finance and Financial Sector Foreign Trade and International Finance Foreign corporations Foreign tax credit Gas industry Holding companies Income tax Insurance companies Interest Petroleum industry Profit Tax exclusion Taxation of foreign income Taxation

00 2006-09-29 Introduced in House 2006-11-14T16:15:15Z International Tax Simplification Act of 2006 - Amends the Internal Revenue Code to revise rules relating to foreign income and income earned by controlled foreign corporations (Subpart F income), including to: (1) make permanent the active financing exemption for qualified insurance income and the look-thru treatment applicable to related foreign corporations; (2) eliminate foreign base company sales and services income and oil related income from foreign base company income; (3) repeal certain rules for the application of the foreign tax credit to foreign oil and gas income; (4) extend from 10 to 20 years the carryforward period for excess foreign taxes; (5) accelerate from 2008 to 2006 the election to allocate interest earned by an affiliated group of corporations on a worldwide basis; and (6) increase to $5 million the tax exclusion for foreign base company or gross insurance income (de minimis rule).

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Display Title Official Title as Introduced Introduced in House IH Short Titles as Introduced Introduced in House 2006-09-29T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr6288ih/xml/BILLS-109hr6288ih.xml 2006-09-29 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.