To amend the Internal Revenue Code of 1986 with respect to the treatment of effectively connected investment income of insurance companies.

Summary

Amends the Internal Revenue Code to revise provisions determining the effectively connected net investment income of foreign companies carrying on insurance business in the United States. Requires such companies to recompute their effectively connected net investment income for taxable years beginning after December 31, 1996. Provides for increases (or decreases, as appropriate) in such income where the recomputed amount exceeds (or is less than) the income for the recomputed year. Requires payment (or receipt) of interest on the underpayment (or overpayment) of adjusted amounts.

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Timeline

1. 20 May 1997

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 20 May 1997

   Introduced

   Introduced in House

   Source: IntroReferral

3. 20 May 1997

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 20 May 1997 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 20 May 1997

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 20 May 1997

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 20 May 1997

  Open at official source

Sponsors

• Rep. Camp, Dave [R-MI-4] · R · Sponsor
• SANDER LEVIN · D · Sponsor
• · hswm00 · Standing

Related records

• related to ← A bill to amend the Internal Revenue Code of 1986 with respect to the treatment of effectively connected investment income of insurance companies.