H.R. 6288 · 109th Congress
International Tax Simplification Act of 2006
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
JohnsonSponsorNo cosponsors.
International Tax Simplification Act of 2006 - Amends the Internal Revenue Code to revise rules relating to foreign income and income earned by controlled foreign corporations (Subpart F income), including to: (1) make permanent the active financing exemption for qualified insurance income and the look-thru treatment applicable to related foreign…
What it does: CRS summary · Introduced in House · Sep 29, 2006
International Tax Simplification Act of 2006 - Amends the Internal Revenue Code to revise rules relating to foreign income and income earned by controlled foreign corporations (Subpart F income), including to: (1) make permanent the active financing exemption for qualified insurance income and the look-thru treatment applicable to related foreign corporations; (2) eliminate foreign base company sales and services income and oil related income from foreign base company income; (3) repeal certain rules for the application of the foreign tax credit to foreign oil and gas income; (4) extend from 10 to 20 years the carryforward period for excess foreign taxes; (5) accelerate from 2008 to 2006 the election to allocate interest earned by an affiliated group of corporations on a worldwide basis; and (6) increase to $5 million the tax exclusion for foreign base company or gross insurance income (de minimis rule).
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: International Tax Simplification Act of 2006
Latest action (Sep 29, 2006): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Sep 29, 2006
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.