A bill to amend the Internal Revenue Code of 1986 with respect to the tax treatment of payments under life insurance contracts for terminally ill individuals.

referredUnited States· United States Congress· EN

Introduced

1 March 1990

Last action

1 March 1990 · Introduced

Status

Read twice and referred to the Committee on Finance.

Sponsors

Sen. Bradley, Bill [D-NJ], Sen. Lieberman, Joseph I. [ID-CT], Sen. Dodd, Christopher J. [D-CT], Sen. Lautenberg, Frank R. [D-NJ], Sen. Gorton, Slade [R-WA], Sen. Symms, Steven D. [R-ID], Sen. McCain, John [R-AZ], Sen. Wallop, Malcolm [R-WY], Sen. Roth Jr., William V. [R-DE], Sen. Bumpers, Dale [D-AR], Sen. Kasten, Robert W., Jr. [R-WI], Sen. Grassley, Chuck [R-IA], Sen. Boren, David L. [D-OK], Sen. Conrad, Kent [D-ND], Sen. Matsunaga, Spark M. [D-HI], Sen. Armstrong, William L. [R-CO], Sen. Exon, J. James [D-NE], Sen. Wirth, Timothy [D-CO], Sen. Burdick, Quentin N. [D-ND], Sen. Simpson, Alan K. [R-WY], Sen. Harkin, Tom [D-IA], Sen. Helms, Jesse [R-NC], Sen. Coats, Daniel [R-IN], Sen. Adams, Brock [D-WA], Sen. Stevens, Ted [R-AK], Sen. DeConcini, Dennis [D-AZ], Sen. Danforth, John C. [R-MO], Sen. Thurmond, Strom [R-SC], Sen. Lugar, Richard G. [R-IN], Sen. Heflin, Howell [D-AL], Sen. Cranston, Alan [D-CA], Sen. Graham, Bob [D-FL], Sen. Pell, Claiborne [D-RI], Sen. Inouye, Daniel K. [D-HI], Sen. Bingaman, Jeff [D-NM], Sen. Burns, Conrad R. [R-MT], Sen. Jeffords, James M. [I-VT], Sen. Murkowski, Frank H. [R-AK], Sen. Mikulski, Barbara A. [D-MD], Sen. Nickles, Don [R-OK], Sen. Reid, Harry [D-NV], Sen. Bond, Christopher S. [R-MO], Sen. Kerrey, J. Robert [D-NE], Sen. Wilson, Pete [R-CA], Sen. Baucus, Max [D-MT], Sen. Biden, Joseph R., Jr. [D-DE], Sen. Levin, Carl [D-MI], Sen. Ford, Wendell H. [D-KY]

Subjects

Taxation

Source updated

3 January 2025

Taxation

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Summary

Amends the Internal Revenue Code to provide that payment under a life insurance contract on the life of an insured who is terminally ill 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 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. 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

1 March 1990
Introduced
Read twice and referred to the Committee on Finance.
Source: IntroReferral
1 March 1990
Introduced
Introduced in Senate
Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Introduced in Senate · — · Download file

Documents

2 official files

Introduced in Senate (text)

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Introduced in Senate (text)
Introduced in Senate · EN
View Download Open at official source
Introduced in Senate
summary · EN · 1 March 1990
Open at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Vertaal naar
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Related records

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Sources

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Official source: https://www.congress.gov/bill/101st-congress/senate-bill/2222
Open data entity: https://api.congress.gov/v3/bill/101/s/2222
us · 101-s-2222 · source updated 3 January 2025