S.940 - Federal Government - A bill to amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income.

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.

File name		Last Updated
	S.940 Introduced in Senate	08/31/2007