To amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income.

H.R. 1417 proposes to make permanent a specific tax rule that allows American financial companies, such as banks and insurance providers, to defer paying U.S. taxes on income earned from their active business operations abroad. Under current law, this "active financing" income is often exempt from immediate taxation until the profits are brought back to the United States; this bill would remove the expiration date for that exemption. For the average citizen, this legislation is designed to help U.S.-based financial institutions remain competitive in foreign markets, though it also impacts the timing and amount of federal corporate tax revenue collected by the government.