[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1944 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 1944

 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

                             April 2, 2009

   Mr. Neal of Massachusetts (for himself, Mr. Tiberi, Mr. Larson of 
     Connecticut, Mr. Herger, Mr. Crowley, and Mr. Brady of Texas) 
 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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