110 HR 1509 IH: To amend the Internal Revenue Code of 1986 to permanently U.S. House of Representatives 2007-03-13 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.

I 110th CONGRESS 1st Session H. R. 1509 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.

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.