To amend the Internal Revenue Code of 1986 to provide for the treatment of not-for-profit residual market insurance companies under the alternative minimum tax and to repeal the taxable income limitation on the recognition of built-in gain of S corporations.

Summary

Amends the Internal Revenue Code to allow an insurance company to use its alternative tax net operating loss deduction to offset 100 percent (currently, 90 percent) of alternative minimum taxable income, if such insurance company is created by a State or instrumentality thereof and is operated on a not-for-profit basis exclusively to provide coverage to individuals or businesses for high-risk needs where coverage is not otherwise available or affordable. Repeals the limitation that prevents an S corporation (small business corporation) from being taxed on built-in gains resulting from conversion from a C corporation to the extent such gains exceed the taxable income of the S corporation.

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

Timeline

1. 22 July 1992

   Introduced

   Introduced in House

   Source: IntroReferral

2. 22 July 1992

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

3. 22 July 1992

   Introduced

   Introduced in House

   Source: IntroReferral

4. 27 July 1992

   Calendars

   Placed on the Union Calendar, Calendar No. 420.

   Source: Calendars

5. 27 July 1992

   Reported

   Reported by the Committee on Ways and Means. H. Rept. 102-729.

   Source: Committee

6. 27 July 1992

   Reported

   Reported by the Committee on Ways and Means. H. Rept. 102-729.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · — · Download file
• Reported in House · — · Download file

Documents

3 official files

• Reported in House (text)

  Reported in House · EN

  ViewDownloadOpen at official source

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 22 July 1992

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  Vertaal document

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Sponsors

• Rep. Guarini, Frank J. [D-NJ-14] · D · Sponsor
• · hswm00 · Standing

Related records

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