To amend the Internal Revenue Code of 1986 with respect to the treatment of deposits under certain perpetual insurance policies.

Summary

Amends the Internal Revenue Code to exclude a deposit made by a policyholder under a qualified perpetual insurance policy from provisions governing the treatment of loans with below-market interest rates. Describes such a policy as one which: (1) provides insurance for property damage or casualty with respect to certain residential property (or the contents thereof); and (2) is funded only by the policyholder placing a cash deposit (and does not provide for any periodic premiums) which is fully refundable upon cancellation.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 2 April 1993

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• Introduced in House (PDF)

  Introduced in House · EN · 2 April 1993

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• Introduced in House

  summary · EN · 2 April 1993

  Open at official source

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