S 676
107th Congress
Senate
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
A bill to amend the Internal Revenue Code of 1986 to extend permanently the subpart F exemption for active financing income.
Introduced: April 2, 2001
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 2, 2001
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3280)
Apr 2, 2001
Sponsor introductory remarks on measure. (CR S3279-3280)
Apr 2, 2001
Introduced in Senate
Plain-English 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 (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
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3280)
Committees of jurisdiction
1
Cosponsors
1