HR 1417 · 109th Congress 2005–2007, ended

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

Introduced Mar 17, 2005 Originated House Sponsor Jim McCrery R-LA

Fact sheet Spreadsheet

Latest action · Mar 17, 2005 Referred to the House Committee on Ways and Means.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedMar 17, 2005
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

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.

Cosponsors 30

Members who signed on, in the order they did. Signatures ran from Mar 17, 2005 to Sep 20, 2005; 16 are original cosponsors, there from the day it was introduced.

SeatCosponsorSigned on
R-COBob BeauprezOriginalMar 17, 2005
R-FLE. Clay Shaw Jr.OriginalMar 17, 2005
R-VAEric CantorOriginalMar 17, 2005
R-ILJerry WellerOriginalMar 17, 2005
D-WAJim McDermottOriginalMar 17, 2005
D-NYJoseph CrowleyOriginalMar 17, 2005
R-MOKenny C. HulshofOriginalMar 17, 2005
R-FLMark FoleyOriginalMar 17, 2005
R-PAMelissa A. HartOriginalMar 17, 2005
R-PAPhil EnglishOriginalMar 17, 2005
D-MARichard E. NealOriginalMar 17, 2005
R-KYRon LewisOriginalMar 17, 2005
R-TXSam JohnsonOriginalMar 17, 2005
R-CAWally HergerOriginalMar 17, 2005
D-LAWilliam J. JeffersonOriginalMar 17, 2005
D-CAXavier BecerraOriginalMar 17, 2005
R-MNJim RamstadMar 20, 2005
R-OHRob PortmanMar 20, 2005
D-OHStephanie Tubbs JonesMar 20, 2005
R-GAJohn LinderApr 5, 2005
R-MIDave CampApr 12, 2005
R-WIPaul D. RyanApr 12, 2005
R-TXKevin BradyApr 19, 2005
R-INChris ChocolaApr 28, 2005
R-AZJ. D. HayworthApr 28, 2005
R-MORoy BluntMay 24, 2005
R-FLConnie MackJun 16, 2005
R-IAJim NussleJul 12, 2005
R-CTNancy L. JohnsonJul 26, 2005
R-NYThomas M. ReynoldsSep 20, 2005

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
HouseWays and Means Committee
Referred Mar 17, 2005

Actions 2

Everything that happened, newest first.

  1. Mar 17, 2005Introduced in House
  2. Mar 17, 2005Referred to the House Committee on Ways and Means.

Related bills 1

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
S 1159A bill to amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing.Related billMay 26, 2005

Titles 1

Every title it has carried, official and short, at each stage.

Official Title as Introduced
To amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income.

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

Text 1

Each version as it was printed, newest first.

  1. Mar 17, 2005Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.