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
Mar 20, 2007
Read twice and referred to the Committee on Finance.
Mar 20, 2007
Sponsor introductory remarks on measure. (CR S3391)