Skip to main content
S 1687 114th Congress Senate Taxation Insurance industry and regulation Taxation of foreign income U.S. and foreign investments

Offshore Reinsurance Tax Fairness Act

Introduced: June 25, 2015 Introduced by: Wyden, Ron Democratic · Oregon See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 25, 2015
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S4650; text of measure as introduced: CR S4650-4652)
Jun 25, 2015
Introduced in Senate
 Plain-English summary Congressional Research Service

Offshore Reinsurance Tax Fairness Act

Amends the Internal Revenue Code to define "qualifying insurance corporation," for purposes of the insurance business exception to passive foreign investment company rules, as a foreign corporation: (1) that would be subject to U.S. taxation if it were a domestic corporation, and (2) the applicable insurance liabilities of which constitute more than 25% of its total assets. Allows an alternative facts and circumstances test for insurance corporations whose applicable insurance liabilities are not at least 25% of total assets if such percentage is at least 10% and the corporation is predominantly engaged in an insurance business.

What's happening now June 25, 2015

Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S4650; text of measure as introduced: CR S4650-4652)

 Committees of jurisdiction 1