Permanent Active Financing Exception Act of 2015

Bill: 114-hr-961
Sponsor: full_name: Rep. Tiberi, Patrick J. [R-OH-12]
Introduced: 2015-02-12
Policy area: Taxation
Subjects: Financial services and investments

Foreign and international banking

Foreign and international corporations

Income tax exclusion

Insurance industry and regulation

Taxation of foreign income
Latest action: action_date: 2015-10-23
text: Placed on the Union Calendar, Calendar No. 233.

Summaries:
action_date: 2015-02-12
action_desc: Introduced in House
text: <p>Amends the Internal Revenue Code to make permanent the subpart F foreign personal holding company income exemption for income that is derived in the active conduct of a banking, financing, or similar business, as a securities dealer, or in the conduct of an insurance business. </p>

action_date: 2015-10-23
action_desc: Reported to House with amendment(s)
text: <p><strong>Permanent Active Financing Exception Act of 2015</strong></p> <p>(Sec. 2) This bill amends the Internal Revenue Code to make permanent the subpart F foreign personal holding company income exemption for income that is derived in the active conduct of a banking, financing, or similar business, as a securities dealer, or in the conduct of an insurance business. </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 961 IN THE HOUSE OF REPRESENTATIVES February 12, 2015 Mr. Tiberi (for himself, Mr. Neal , Mr. Kind , Mr. Larson of Connecticut , Mr. Pascrell , Mr. Thompson of California , Mr. Reed , Mr. Roskam , Mr. Young of Indiana , and Mr. Boustany ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income.

1. Permanent subpart F exemption for active financing income (a) Banking, financing, or similar businesses Section 954(h) of the Internal Revenue Code of 1986 (relating to special rule for income derived in the active conduct of banking, financing, or similar businesses) is amended by striking paragraph (9). (b) Insurance businesses Section 953(e) of such Code (relating to exempt insurance income) is amended by striking paragraph (10) and by redesignating paragraph (11) as paragraph (10). (c) Effective date The amendments made by this section shall apply to taxable years of a foreign corporation beginning after December 31, 2014, and to taxable years of United States shareholders with or within which such taxable years of such foreign corporation end.

tv_txt: IB Union Calendar No. 233 114th CONGRESS 1st Session H. R. 961 [Report No. 114–307] IN THE HOUSE OF REPRESENTATIVES February 12, 2015 Mr. Tiberi (for himself, Mr. Neal , Mr. Kind , Mr. Larson of Connecticut , Mr. Pascrell , Mr. Thompson of California , Mr. Reed , Mr. Roskam , Mr. Young of Indiana , and Mr. Boustany ) introduced the following bill; which was referred to the Committee on Ways and Means October 23, 2015 Additional sponsors: Ms. Linda T. Sánchez of California , Mr. Schock , Mr. Sam Johnson of Texas , Mr. Smith of Nebraska , Mr. Marchant , Mrs. Noem , and Mr. Paulsen October 23, 2015 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on February 12, 2015 A BILL To amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income.

1. Short title This Act may be cited as the Permanent Active Financing Exception Act of 2015 . 2. Permanent subpart F exemption for active financing income (a) Banking, financing, or similar businesses Section 954(h) of the Internal Revenue Code of 1986 (relating to special rule for income derived in the active conduct of banking, financing, or similar businesses) is amended by striking paragraph (9). (b) Insurance businesses Section 953(e) of such Code (relating to exempt insurance income) is amended by striking paragraph (10) and by redesignating paragraph (11) as paragraph (10). (c) Effective date The amendments made by this section shall apply to taxable years of a foreign corporation beginning after December 31, 2014, and to taxable years of United States shareholders with or within which such taxable years of such foreign corporation end.

October 23, 2015 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed