HR 749
112th Congress
House
Taxation
Financial services and investments
Foreign and international banking
Foreign and international corporations
Income tax exclusion
Insurance industry and regulation
Taxation of foreign income
To amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income.
Introduced: February 16, 2011
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 16, 2011
Referred to the House Committee on Ways and Means.
Feb 16, 2011
Introduced in House
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
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1