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S 993 109th Congress Senate Taxation Annuities Excise tax Finance and Financial Sector Labor and Employment Life insurance Tax returns Tax-exempt organizations

A bill to amend the Internal Revenue Code of 1986 to impose an excise tax on amounts received under certain insurance policies in which certain exempt organizations hold an interest.

Introduced: May 10, 2005 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 10, 2005
Read twice and referred to the Committee on Finance.
May 10, 2005
Sponsor introductory remarks on measure. (CR S4877)
May 10, 2005
Introduced in Senate
 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to impose an excise tax on certain tax-exempt organizations or other nonexempt persons which acquire a direct or indirect interest in any life insurance, annuity, or endowment contract for 100 percent of the acquisition costs of such interest. Allows an exception from such tax for individuals with insurable interests, named beneficiaries, and trust beneficiaries. Requires tax-exempt organizations and other nonexempt persons which acquire a taxable interest in such insurance contracts to file certain informational returns.

What's happening now May 10, 2005

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1