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HR 749 IH
112th CONGRESS
1st Session
H. R. 749
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 16, 2011
Mr. TIBERI (for himself, Mr. NEAL, Mr. SAM JOHNSON of Texas, Mr. LARSON of Connecticut, Mr. BRADY of Texas, and Mr. CROWLEY) 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 the date of the enactment of this Act, and to taxable years of United States shareholders with or within which such taxable years of such foreign corporation end.
U.S. Congress - Text of H.R.749 as Introduced in House To amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemptio...
