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S 795 107th Congress Senate

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
Taxation Administrative procedureAffiliated corporationsBusiness income taxBusiness losses
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CommerceCorporation taxesDepartment of the TreasuryFinance and Financial SectorGovernment Operations and PoliticsIncome taxInsurance companiesLawLife insuranceStocksSubsidiary corporationsTax returnsValuation
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This bill died when the 107th Congress ended
It never became law before the 107th Congress (2001–2002) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
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 Latest action April 26, 2001

Read twice and referred to the Committee on Finance.

 Plain-English summary Congressional Research Service
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.

 Related & companion bills 1
  • HR 909 Identical bill To amend the Internal Revenue Code of 1986 to permit the consolidation of life insurance companies with other companies.
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
Collins, Susan M.
Maine · Apr 26, 2001
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APA
U.S. Congress. (2026). S. 795: A bill to amend the Internal Revenue Code of 1986 to permit the consolidation of life insurance companies with other companies.. 107th Congress. Open America. https://openamerica.io/bill/107-S-795/
MLA
"S. 795: A bill to amend the Internal Revenue Code of 1986 to permit the consolidation of life insurance companies with other companies.." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-S-795/.
Bluebook (legal)
S. 795, 107th Cong. (2026), https://openamerica.io/bill/107-S-795/.
Markdown link
[S. 795: A bill to amend the Internal Revenue Code of 1986 to permit the consolidation of life insurance companies with other companies.](https://openamerica.io/bill/107-S-795/)
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