HR 1357 IH
107th CONGRESS
1st Session
H. R. 1357
To amend the Internal Revenue Code of 1986 to permanently extend the
subpart F exemption for active financing income.
IN THE HOUSE OF REPRESENTATIVES
April 3, 2001
Mr. MCCRERY (for himself, Mr. NEAL of Massachusetts, Mr. BRADY of
Pennsylvania, Mr. CAMP, Mr. CRANE, Ms. DUNN, Mr. ENGLISH, Mr. FOLEY, Mr.
HAYWORTH, Mr. HERGER, Mr. HOUGHTON, Mr. HULSHOF, Mrs. JOHNSON of Connecticut,
Mr. SAM JOHNSON of Texas, Mr. KLECZKA, Mr. LEWIS of Kentucky, Mr. MATSUI, Mr.
MCDERMOTT, Mr. MCNULTY, Mr. POMEROY, Mr. RAMSTAD, Mr. RYAN of Wisconsin, Mr.
SHAW, Mr. TANNER, Mr. WATKINS, and Mr. WELLER) 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 December 31, 2001, and
to taxable years of United States shareholders with or within which such
taxable years of such foreign corporation end.
END