A bill to amend the Internal Revenue Code of 1986 to modernize the application of the subpart F rules to computer software, to expand the subpart F de minimis rule, and to extend certain expiring provisions.

47492 1195189200

false

1195189200

2380

310

110

300090

11/16/2007--Introduced.<br/>Amends Internal Revenue Code provisions relating to taxation of U.S. shareholders of controlled foreign corporations to: (1) exclude from foreign personal holding company income rents and royalties attributable to computer software that is leased or licensed for use outside the United States and that was developed or marketed by a controlled foreign corporation or related person; (2) increase to $5 million (currently, $1 million) the de minimis dollar amount for determinations of foreign base company income; (3) permanently extend the look-thru rule for for the tax treatment of income received or accrued from a controlled foreign corporation; and (4) permanently extend the exemption from foreign personal holding company income for active financing income (income from insurance, banking, financing, or similar businesses) earned on business operations overseas.

1195189200

2007-11-16

Fri Nov 07 17:15:54 -0600 2008

introduced

47492

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54345

false

A bill to amend the Internal Revenue Code of 1986 to modernize the application of the subpart F rules to computer software, to expand the subpart F de minimis rule, and to extend certain expiring provisions.

official

introduced

47492

1195189200 Fri Nov 16 00:00:00 -0600 2007 137276

S001142 1952-05-25

5160

Gordon

'smith':2,4,6 'gordon':1,3,5

M 300090 Smith

Gordon_Smith

Harold Gordon Smith

1881

N00007815

7288

Republican Latter Day Saints

Gordon Smith

3.71428571428571

C000127 1958-10-13

5914

511 Dirksen Senate Office Building

http://cantwell.senate.gov/contact/

202-228-0514 Maria

'd':4 'wa':5 'sen':1 'maria':2,6,8 'cantwel':3,7,9

F 300018 Cantwell

Maria_Cantwell

Sen. Maria Cantwell [D, WA]

3263

N00007836

12574

Democrat 202-224-3441 Roman Catholic WA

Sen.

Maria Cantwell

4.43478260869565

http://cantwell.senate.gov

SenatorCantwell

introduced

47492

1195189200 Fri Nov 16 00:00:00 -0600 2007 137276

action

47492

1195189200 Fri Nov 16 00:00:00 -0600 2007 137277

Read twice and referred to the Committee on Finance.