A bill to amend the Internal Revenue Code of 1954 to clarify the tax treatment of variable annuity contracts.

Summary

Amends the Internal Revenue Code to revise requirements for the tax deferral of amounts received under variable annuity contracts. Permits the use of an independent investment manager of such annuities. Allows the like-kind exchange of one annuity contract for another. Provides that the tax treatment of any payment made by a contract holder on or before September 25, 1981 shall be determined without regard to Revenue Ruling 81-225 (disallowing tax deferral of amounts received under certain variable annuity contracts).

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Timeline

1. 24 November 1981

   Introduced

   Read second time and referred to Senate Committee on Finance.

   Source: IntroReferral

2. 24 November 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 1 December 1981

   Committee

   Committee on Finance requested executive comment from OMB; Treasury Department.

   Source: Committee

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

• Introduced in Senate

  summary · EN · 24 November 1981

  Open at official source

Sponsors

• Sen. Symms, Steven D. [R-ID] · R · Sponsor
• Sen. Grassley, Chuck [R-IA] · R · Sponsor
• Sen. Durenberger, Dave [R-MN] · R · Sponsor
• Sen. Chafee, John H. [R-RI] · R · Sponsor
• Sen. Baucus, Max [D-MT] · D · Cosponsor
• Sen. Bentsen, Lloyd M. [D-TX] · D · Cosponsor
• Sen. Glenn, John H., Jr. [D-OH] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 to clarify the tax treatment of variable annuity contracts.