EXTENSION OF SUBPART F EXCEPTION FOR ACTIVE FINANCING INCOME.

SEC. 322. EXTENSION OF SUBPART F EXCEPTION FOR ACTIVE FINANCING INCOME. (a) Exempt Insurance Income.—Paragraph (10) of section 953(e) is amended— (1) by striking “January 1, 2012” and inserting “January 1, 2014”, and (2) by striking “December 31, 2011” and inserting “December 31, 2013”. (b) Special Rule for Income Derived in the Active Conduct of Banking, Financing, or Similar Businesses.—Paragraph (9) of section 954(h) is amended by striking “January 1, 2012” and inserting “January 1, 2014”. (c) Effective Date.—The amendments made by this section shall apply to taxable years of foreign corporations beginning after December 31, 2011, and to taxable years of United States shareholders with or within which any such taxable year of such foreign corporation ends.