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

Summary

Amends the Internal Revenue Code, with respect to taxation of U.S. shareholders of controlled foreign corporations, to permanently extend the subpart F exemption (which excludes such income from the shareholder's foreign personal holding company income) for active financing (banking, financing, or similar business) income earned on business operations overseas. (Thus permits American financial services firms doing business abroad to defer U.S. tax on their earnings from their foreign financial services operations until such earnings are returned to the U.S. parent company.)

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 27 April 1999

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 27 April 1999

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 27 April 1999

  Open at official source

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