S 1159
109th Congress
Senate
Taxation
American investments
Bank holding companies
Commerce
Corporation taxes
Finance and Financial Sector
Financial services
Foreign Trade and International Finance
Foreign banks and banking
Foreign corporations
Holding companies
Income tax
Insurance
Insurance companies
Stockholders
Tax deferral
Tax exclusion
Taxation of foreign income
A bill to amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing.
Introduced: May 26, 2005
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
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
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 (insurance, banking, financing, or similar businesses) income earned on business operations overseas.
What's happening now
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6055)
Committees of jurisdiction
1