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S 940 110th Congress Senate

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

Introduced: October 23, 2007 See on congress.gov
Taxation American investmentsBank holding companiesCommerceCorporation taxes
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Finance and Financial SectorFinancial servicesForeign Trade and International FinanceForeign banks and bankingForeign corporationsHolding companiesIncome taxInsuranceInsurance companiesStockholdersTax deferralTax exclusionTaxation of foreign income
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This bill died when the 110th Congress ended
It never became law before the 110th Congress (2007–2008) 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
Mar 20, 2007
Read twice and referred to the Committee on Finance.
Mar 20, 2007
Sponsor introductory remarks on measure. (CR S3391)
Mar 20, 2007
Introduced in Senate
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 Latest action March 20, 2007

Read twice and referred to the Committee on Finance.

 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 (insurance, banking, financing, or similar businesses) income earned on business operations overseas.
 Related & companion bills 1
  • HR 1509 Identical bill To amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income.
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 1 Republican 1
D
Schumer, Charles E.
New York · Oct 23, 2007
 R
Crapo, Mike
Idaho · Mar 20, 2007
Cite this page click to expand
APA
U.S. Congress. (2026). S. 940: A bill to amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income.. 110th Congress. Open America. https://openamerica.io/bill/110-S-940/
MLA
"S. 940: A bill to amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income.." 110th Congress, 2026, Open America, https://openamerica.io/bill/110-S-940/.
Bluebook (legal)
S. 940, 110th Cong. (2026), https://openamerica.io/bill/110-S-940/.
Markdown link
[S. 940: A bill to amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income.](https://openamerica.io/bill/110-S-940/)
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