US HB1944 | 2009-2010 | 111th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on April 2 2009 - 25% progression, died in committee
Action: 2009-04-02 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on April 2 2009 - 25% progression, died in committee
Action: 2009-04-02 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
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.
Title
To amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income.
Sponsors
| Rep. Todd Akin [R-MO] | Rep. Michele Bachmann [R-MN] | Rep. Shelley Berkley [D-NV] | Rep. Charles Boustany [R-LA] |
| Rep. Kevin Brady [R-TX] | Rep. Eric Cantor [R-VA] | Rep. Joseph Crowley [D-NY] | Rep. Artur Davis [D-AL] |
| Rep. Wally Herger [R-CA] | Rep. Sam Johnson [R-TX] | Rep. John Larson [D-CT] | Rep. Jim McDermott [D-WA] |
| Rep. Richard Neal [D-MA] | Rep. Devin Nunes [R-CA] | Rep. Bill Pascrell [D-NJ] | Rep. Linda Sanchez [D-CA] |
| Rep. Allyson Schwartz [D-PA] | Rep. Patrick Tiberi [R-OH] |
History
| Date | Chamber | Action |
|---|---|---|
| 2009-04-02 | Referred to the House Committee on Ways and Means. |
Subjects
Financial services and investments
Foreign and international banking
Foreign and international corporations
Income tax exclusion
Taxation
Taxation of foreign income
Foreign and international banking
Foreign and international corporations
Income tax exclusion
Taxation
Taxation of foreign income
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/111th-congress/house-bill/1944/all-info |
| Text | https://www.congress.gov/111/bills/hr1944/BILLS-111hr1944ih.pdf |
