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HR 1357 107th Congress House Taxation American investments Bank holding companies Business income tax Commerce Corporation taxes Finance and Financial Sector Foreign Trade and International Finance Foreign banks and banking Foreign corporations Holding companies Income tax Insurance Insurance companies Stockholders Tax deferral Taxation of foreign income

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

Introduced: April 3, 2001 See on congress.gov
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This bill died when the 107th Congress ended
It never became law before the 107th Congress (2001–2002) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 3, 2001
Referred to the House Committee on Ways and Means.
Apr 3, 2001
Sponsor introductory remarks on measure. (CR E516-517)
Apr 3, 2001
Introduced in House
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 Plain-English summary Congressional Research Service
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 (banking, financing, or similar business) income earned on business operations overseas. (Thus permits American financial services firms doing business abroad to defer U.S. tax on their earnings from their foreign financial services operations until such earnings are returned to the U.S. parent company.)
What's happening now April 3, 2001

Referred to the House Committee on Ways and Means.

 Related & companion bills 1
  • S 676 Identical bill A bill to amend the Internal Revenue Code of 1986 to extend permanently the subpart F exemption for active financing in…
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2
D
Bishop, Sanford D.
Georgia · Sep 14, 2001
 D
Neal, Richard E.
Massachusetts · Apr 3, 2001
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1357: To amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income.. 107th Congress. Open America. https://openamerica.io/bill/107-HR-1357/
MLA
"H.R. 1357: To amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income.." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-HR-1357/.
Bluebook (legal)
H.R. 1357, 107th Cong. (2026), https://openamerica.io/bill/107-HR-1357/.
Markdown link
[H.R. 1357: To amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income.](https://openamerica.io/bill/107-HR-1357/)
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