H.R. 1417 · 109th Congress · 2005–2006
To amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income.
H.R. 1417 in the 109th Congress (2005–2006) was introduced on Mar 17, 2005, sponsored by Jim McCrery III with 30 co-sponsors.
During the 109th Congress (2005–2006), George W. Bush was president, and Republicans held majorities in both the House and Senate.
- Status
- Introduced
- Introduced
- Mar 17, 2005
- Co-sponsors
- 30
- Policy area
- Taxation
What it does
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.
Summary by the nonpartisan Congressional Research Service.
Sponsor
Jim McCrery III (R-LA). Co-sponsors: 6 Democrats, 24 Republicans.
Where it stands
- IntroducedMar 17, 2005
- Passed the House—
- Passed the Senate—
- Sent to the President—
- Became law—
Latest action: Referred to the House Committee on Ways and Means. (Mar 17, 2005)
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Committees
More
From GovInfo bill records, Congressional Research Service summaries, Voteview roll calls and lobbying reports.
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Capitol Receipts, “H.R. 1417 (109th Congress): To amend the Internal Revenue Code of…,” https://www.capitolreceipts.com/bill/109-hr-1417/to-amend-the-internal-revenue-code-of-1986-to (accessed 2026-10-17).