HR 3320
107th Congress
House
Taxation
Annuities
Capital gains tax
Finance and Financial Sector
Income tax
Labor and Employment
Life insurance
Minimum tax
Personal income tax
Tax rates
To amend the Internal Revenue Code of 1986 to encourage guaranteed lifetime income payments from annuities and similar payments of life insurance proceeds at dates later than death by taxing the income portion of such payments at capital gains rates.
Introduced: November 16, 2001
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 16, 2001
Referred to the House Committee on Ways and Means.
Nov 16, 2001
Sponsor introductory remarks on measure. (CR E2115-2116)
Nov 16, 2001
Introduced in House
Plain-English summary
Amends the Internal Revenue Code to tax lifetime annuity payouts and similar payments of life insurance proceeds at dates later than death at capital gains rates.
Excludes amounts received under an eligible deferred compensation plan or under a qualified retirement plan.
Includes such gains in the calculation of the maximum rate of tax on net capital gains of noncorporate taxpayers when computing the alternative minimum tax.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1