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 (insurance, banking, financing, or similar businesses) income earned on business operations overseas.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 20 March 2007

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 20 March 2007

   Introduced

   Sponsor introductory remarks on measure. (CR S3391)

   Source: IntroReferral

3. 20 March 2007

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 20 March 2007 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 20 March 2007

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 20 March 2007

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 20 March 2007

  Open at official source

Sponsors

• Rep. Baucus, Max [D-MT-1] · D · Sponsor
• Sen. Hatch, Orrin G. [R-UT] · R · Sponsor
• Mike Crapo · R · Sponsor
• Sen. Specter, Arlen [R-PA] · R · Cosponsor
• Sen. Smith, Gordon H. [R-OR] · R · Cosponsor
• Sen. Rockefeller, John D., IV [D-WV] · D · Cosponsor
• Rep. Lott, Trent [R-MS-5] · R · Cosponsor
• Rep. Roberts, Pat [R-KS-1] · R · Cosponsor
• Rep. Bunning, Jim [R-KY-4] · R · Cosponsor
• Charles Schumer · D · Cosponsor
• Sen. Lincoln, Blanche L. [D-AR] · D · Cosponsor
• · ssfi00 · Standing

Related records

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