S. 993 · 109th Congress
A bill to amend the Internal Revenue Code of 1986 to impose an excise tax on amounts received under certain…
Full title
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.
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
GrassleySponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in Senate · May 10, 2005
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: 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.
Latest action (May 10, 2005): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: May 10, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.