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HR 1357 107th Congress House

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

Introduced: September 14, 2001 See on congress.gov
Taxation American investmentsBank holding companiesBusiness income taxCommerce
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Corporation taxesFinance and Financial SectorForeign Trade and International FinanceForeign banks and bankingForeign corporationsHolding companiesIncome taxInsuranceInsurance companiesStockholdersTax deferralTaxation of foreign income
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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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 Latest action April 3, 2001

Referred to the House Committee on Ways and Means.

 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.)
 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 9
All 9 Democratic 2
D
Bishop, Sanford D.
Georgia · Sep 14, 2001
Isakson, Johnny
· Jun 20, 2001
MCINNIS, SCOTT
· May 1, 2001
COLLINS, MAC
· Apr 26, 2001
CRANE, PHILIP
· Apr 3, 2001
DUNN, JENNIFER
· Apr 3, 2001
HOUGHTON, AMO
· Apr 3, 2001
KLECZKA, GERALD
· Apr 3, 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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