What is House Bill H.R. 961?
Cost of House Bill H.R. 961
"help maintain a level playing field with foreign competitors by applying to financial services companies the same general rule that defers current U.S. tax on other active trade or business income. Without the active financing exception rules U.S. companies would be less competitive and jobs here at home would be jeopardized."
"American multinational corporations have more than $1.7 trillion in undistributed foreign earnings — some of which is deliberately held offshore to defer taxation — and taken as a whole, keep at least 60 percent of their cash overseas".
Permanent Active Financing Exception Act of 2015
To amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income.
- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not voted
Committee on Ways and MeansIntroducedFebruary 12th, 2015
- house Committees