[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4429 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4429

 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 8, 2014

Mr. Tiberi (for himself, Mr. Neal, Mr. Sam Johnson of Texas, Mr. Larson 
of Connecticut, Mr. Brady of Texas, Mr. Kind, Mr. Nunes, Mr. Pascrell, 
 Mr. Boustany, Mr. Crowley, Mr. Schock, Mr. Reed, Ms. Linda T. Sanchez 
 of California, Mr. Young of Indiana, and Mr. Thompson of California) 
 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 
December 31, 2013, and to taxable years of United States shareholders 
with or within which such taxable years of such foreign corporation 
end.
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