H.R. 961 — Reported in House

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