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

Fact Sheet API

Bill Number

S 1159

Introduced

May 26, 2005

Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6055)

Sponsor

Cosponsors

Topics

American investments Bank holding companies Commerce Corporation taxes Finance and Financial Sector Financial services Foreign banks and banking Foreign corporations Foreign Trade and International Finance Holding companies Income tax Insurance Insurance companies Stockholders Tax deferral Tax exclusion Taxation Taxation of foreign income

Full Text

View Full Bill Text

Votes

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.

Actions

May 26, 2005

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6055)
May 26, 2005

Sponsor introductory remarks on measure. (CR S6055)
May 26, 2005

Introduced in Senate

Amendments

Related Bills