S 795
107th Congress
Senate
Taxation
Administrative procedure
Affiliated corporations
Business income tax
Business losses
Commerce
Corporation taxes
Department of the Treasury
Finance and Financial Sector
Government Operations and Politics
Income tax
Insurance companies
Law
Life insurance
Stocks
Subsidiary corporations
Tax returns
Valuation
A bill to amend the Internal Revenue Code of 1986 to permit the consolidation of life insurance companies with other companies.
Introduced: April 26, 2001
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 26, 2001
Read twice and referred to the Committee on Finance.
Apr 26, 2001
Introduced in Senate
Plain-English summary
Amends the Internal Revenue Code to include life insurance companies as an "includible corporation" for purposes of filing consolidated tax returns.
Permits an affiliated group which includes at least one domestic insurance company that elects to file a consolidated return rather than pay tax under certain life insurance provisions to use a phased-in percentage of insurance company net operating loss in determining its own taxable income. (Permits unused loss carryover.)
Provides for: (1) subsidiary stock basis adjustment; and (2) waiver of the five-year reconsolidation waiting period for certain formerly includible corporations which became nonincludible as a result of becoming a subsidiary of a nonincludible life insurance company.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1