International Tax Simplification Act of 2006

Summary

International Tax Simplification Act of 2006 - Amends the Internal Revenue Code to revise rules relating to foreign income and income earned by controlled foreign corporations (Subpart F income), including to: (1) make permanent the active financing exemption for qualified insurance income and the look-thru treatment applicable to related foreign corporations; (2) eliminate foreign base company sales and services income and oil related income from foreign base company income; (3) repeal certain rules for the application of the foreign tax credit to foreign oil and gas income; (4) extend from 10 to 20 years the carryforward period for excess foreign taxes; (5) accelerate from 2008 to 2006 the election to allocate interest earned by an affiliated group of corporations on a worldwide basis; and (6) increase to $5 million the tax exclusion for foreign base company or gross insurance income (de minimis rule).

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Timeline

1. 29 September 2006

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 29 September 2006

   Introduced

   Sponsor introductory remarks on measure. (CR E1932-1933)

   Source: IntroReferral

3. 29 September 2006

   Introduced

   Introduced in House

   Source: IntroReferral

4. 29 September 2006

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 29 September 2006 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 29 September 2006

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 29 September 2006

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 29 September 2006

  Open at official source

Sponsors

• SAM JOHNSON · R · Sponsor
• · hswm00 · Standing

Related records

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