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

                                                 Union Calendar No. 315
113th CONGRESS
  2d Session
                                H. R. 4429

                          [Report No. 113-427]

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


_______________________________________________________________________


                    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

                              May 2, 2014

       Additional sponsors: Mr. Roskam and Mr. Smith of Nebraska

                              May 2, 2014

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]


_______________________________________________________________________

                                 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,

<DELETED>SECTION 1. PERMANENT SUBPART F EXEMPTION FOR ACTIVE FINANCING 
              INCOME.</DELETED>

<DELETED>    (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).</DELETED>
<DELETED>    (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).</DELETED>
<DELETED>    (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.</DELETED>

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Permanent Active Financing Exception 
Act of 2014''.

SEC. 2. 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.
                                                 Union Calendar No. 315

113th CONGRESS

  2d Session

                               H. R. 4429

                          [Report No. 113-427]

_______________________________________________________________________

                                 A BILL

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

_______________________________________________________________________

                              May 2, 2014

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed