A bill to amend the Internal Revenue Code of 1954 to allow the tax-exempt status of the interest of certain life insurance accounts to flow-through to policyholders.

Summary

Amends the Internal Revenue Code to permit holders of life insurance policies to receive tax free income under annuity contracts funded by segregated exempt interest accounts in which 50 percent of the assets of such accounts consist of tax-exempt State or local government securities. Disallows tax deducations for expenses and interest incurred by life insurance companies in the maintenance of such exempt-interest asset accounts.

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Timeline

1. 12 July 1978

   Introduced

   Introduced in House

   Source: IntroReferral

2. 12 July 1978

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

3. 12 July 1978

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 12 July 1978

  Open at official source

Sponsors

• Rep. Frenzel, Bill [R-MN-3] · R · Sponsor
• · hswm00 · Standing

Related records

• related to ← A bill to amend the Internal Revenue Code of 1954 to allow the tax-exempt status of the interest of certain life insurance accounts to flow-through to policyholders.