A bill to amend the Internal Revenue Code of 1986 to modernize the application of the subpart F rules to computer software, to expand the subpart F de minimis rule, and to extend certain expiring provisions.

3.0.0 2380 2023-01-11T14:50:56Z 2023-01-11T14:50:56Z Senate S S 2007-11-16 110 ssfi00 Finance Committee Senate Standing Referred to 2007-11-16T16:25:20Z 2007-11-16 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-11-16 Introduced in Senate IntroReferral 10000 9 Library of Congress S001142 Sen. Smith, Gordon H. [R-OR] GORDON SMITH R OR H. N C000127 Sen. Cantwell, Maria [D-WA] Maria Cantwell D WA 2007-11-16 True Taxation Commerce Computer software Finance and Financial Sector Foreign Trade and International Finance Foreign banks and banking Foreign corporations Holding companies Income tax Insurance Leases Rent Science, Technology, Communications Stockholders Tax exemption Taxation of foreign income Taxation

00 2007-11-16 Introduced in Senate 2008-01-04T15:54:06Z Amends Internal Revenue Code provisions relating to taxation of U.S. shareholders of controlled foreign corporations to: (1) exclude from foreign personal holding company income rents and royalties attributable to computer software that is leased or licensed for use outside the United States and that was developed or marketed by a controlled foreign corporation or related person; (2) increase to $5 million (currently, $1 million) the de minimis dollar amount for determinations of foreign base company income; (3) permanently extend the look-thru rule for for the tax treatment of income received or accrued from a controlled foreign corporation; and (4) permanently extend the exemption from foreign personal holding company income for active financing income (income from insurance, banking, financing, or similar businesses) earned on business operations overseas.

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A bill to amend the Internal Revenue Code of 1986 to modernize the application of the subpart F rules to computer software, to expand the subpart F de minimis rule, and to extend certain expiring provisions. Display Title A bill to amend the Internal Revenue Code of 1986 to modernize the application of the subpart F rules to computer software, to expand the subpart F de minimis rule, and to extend certain expiring provisions. Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to modernize the application of the subpart F rules to computer software, to expand the subpart F de minimis rule, and to extend certain expiring provisions. Introduced in Senate IS Introduced in Senate 2007-11-16T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2380is/xml/BILLS-110s2380is.xml 2007-11-16 Read twice and referred to the Committee on Finance. 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.