[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 961 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 961

 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

                           February 12, 2015

Mr. Tiberi (for himself, Mr. Neal, Mr. Kind, Mr. Larson of Connecticut, 
  Mr. Pascrell, Mr. Thompson of California, Mr. Reed, Mr. Roskam, Mr. 
  Young of Indiana, and Mr. Boustany) 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.--Section 954(h) 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.--Section 953(e) 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, 2014, and to taxable years of United States shareholders 
with or within which such taxable years of such foreign corporation 
end.
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