[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1509 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 1509

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


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 13, 2007

   Mr. Neal of Massachusetts (for himself, Mr. Camp of Michigan, Mr. 
Cantor, Mr. Crowley, Mr. Davis of Alabama, Mr. English of Pennsylvania, 
 Mr. Herger, Mr. Sam Johnson of Texas, Mr. Larson of Connecticut, Mr. 
 Lewis of Kentucky, Mr. McDermott, Mr. Miller of Florida, Mr. Pomeroy, 
Mr. Ramstad, Mrs. Jones of Ohio, and Mr. Weller of Illinois) 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.

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

SECTION 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.
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