[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 1159 Introduced in Senate (IS)]







109th CONGRESS
  1st Session
                                S. 1159

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 26, 2005

Mr. Hatch (for himself, Mr. Baucus, Mr. Smith, Mr. Schumer, Mr. Crapo, 
  Mr. Lott, Mr. Kyl, and Mrs. Lincoln) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


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

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PERMANENT EXTENSION OF SUBPART F EXEMPTION FOR ACTIVE 
              FINANCING.

    (a) In General.--Section 954(h)(9) of the Internal Revenue Code of 
1986 is amended by striking ``and before January 1, 2007,''.
    (b) Conforming Amendments.--Section 953(e)(10) of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking ``and before January 1, 2007,'', and
            (2) by striking the second sentence thereof.
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