To amend the Internal Revenue Code of 1986 to require foreign insurance companies to use same year tax return data in calculating minimum effectively connected net investment income, to provide for a carryover account, and to allow an election to use an individualized company yield.

Summary

Amends the Internal Revenue Code with respect to foreign companies carrying on insurance business in the United States. Requires the use of domestic company tax return data from the same taxable year as the year for which minimum effectively connected net investment income calculations are made. Requires the use of a carryover account for year-to-year income comparisons. Allows a foreign company to elect to use the individualized company yield method for determining such company's minimum effectively connected net investment income. Bases such method on United States dollar-denominated assets.

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Timeline

1. 31 July 1991

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 31 July 1991

   Introduced

   Introduced in House

   Source: IntroReferral

3. 31 July 1991

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · undated · Official file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 31 July 1991

  Open at official source

Sponsors

• SANDER LEVIN · D · Sponsor
• · hswm00 · Standing

Related records

• related to ← To amend the Internal Revenue Code of 1986 to require foreign insurance companies to use same year tax return data in calculating minimum effectively connected net investment income, to provide for a carryover account, and to allow an election to use an individualized company yield.
• related to ← A bill to amend the Internal Revenue Code of 1986 to require foreign insurance companies to use same year tax return data in calculating minimum effectively connected net investment income, to provide for a carryover account, and to allow an election to use an individualized company yield.