To amend the Internal Revenue Code of 1986 with respect to the treatment of accelerated death benefits under life insurance contracts.

Summary

Amends the Internal Revenue Code to require that payment under a life insurance contract on the life of an insured who is terminally ill or who has a dread disease be treated as a death benefit, making such payment eligible for tax exclusion from gross income. Provides that any reference to life insurance shall be treated as referring to a qualified terminal illness or dread disease rider. Provides for the tax treatment of such riders. Describes such a rider as one which provides for payments to an individual upon the insured's becoming terminally ill or having a dread disease. Provides that applicants for or recipients of assistance under the Social Security Act may not be required to elect to receive accelerated death benefits under life insurance policies.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

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

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 12 April 1994

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 12 April 1994

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 12 April 1994

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.