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

<DOC>





                                                 Union Calendar No. 233
114th CONGRESS
  1st Session
                                H. R. 961

                          [Report No. 114-307]

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


_______________________________________________________________________


                    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

                            October 23, 2015

 Additional sponsors: Ms. Linda T. Sanchez of California, Mr. Schock, 
  Mr. Sam Johnson of Texas, Mr. Smith of Nebraska, Mr. Marchant, Mrs. 
                         Noem, and Mr. Paulsen

                            October 23, 2015

  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]
    [For text of introduced bill, see copy of bill as introduced on 
                           February 12, 2015]


_______________________________________________________________________

                                 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. SHORT TITLE.

    This Act may be cited as the ``Permanent Active Financing Exception 
Act of 2015''.

SEC. 2. 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.
                                                 Union Calendar No. 233

114th CONGRESS

  1st Session

                               H. R. 961

                          [Report No. 114-307]

_______________________________________________________________________

                                 A BILL

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

_______________________________________________________________________

                            October 23, 2015

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