H.R. 961 — Introduced in House

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.