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United States · Bill · S

S. 2353 (97th)

A bill entitled "The Life Insurance Taxation Act of 1982."

openUnited States· United States Congress· EN

Introduced

1 April 1982

Last action

8 April 1982 · Committee

Status

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

Sponsors

Sen. Bentsen, Lloyd M. [D-TX], Sen. Chafee, John H. [R-RI], Sen. Boren, David L. [D-OK], Sen. Durenberger, Dave [R-MN], Sen. Baucus, Max [D-MT], Sen. Bradley, Bill [D-NJ], Sen. Moynihan, Daniel Patrick [D-NY], Sen. Mitchell, George J. [D-ME], Sen. Symms, Steven D. [R-ID], Sen. Wallop, Malcolm [R-WY], Sen. Matsunaga, Spark M. [D-HI], Sen. Johnston, J. Bennett [D-LA], Sen. Long, Russell B. [D-LA], Sen. Grassley, Chuck [R-IA], Sen. Huddleston, Walter (Dee) [D-KY], Sen. Inouye, Daniel K. [D-HI], Sen. Hawkins, Paula [R-FL], Sen. Randolph, Jennings [D-WV], Sen. Burdick, Quentin N. [D-ND], Sen. Pressler, Larry [R-SD], Sen. Nunn, Sam [D-GA], Sen. Percy, Charles H. [R-IL], Sen. Murkowski, Frank H. [R-AK], Sen. Cochran, Thad [R-MS], Sen. Denton, Jeremiah [R-AL], Sen. Zorinsky, Edward [D-NE], Sen. Hollings, Ernest F. [D-SC], Sen. Mattingly, Mack [R-GA], Sen. Sasser, Jim [D-TN], Sen. Heflin, Howell [D-AL], Sen. Byrd, Robert C. [D-WV], Sen. Mathias, Charles McC., Jr. [R-MD], Sen. Dodd, Christopher J. [D-CT], Sen. Cohen, William S. [R-ME], Sen. Tower, John G. [R-TX], Sen. Cranston, Alan [D-CA], Sen. East, John P. [R-NC], Sen. Abdnor, James [R-SD], Sen. Weicker, Lowell P., Jr. [R-CT], Sen. Cannon, Howard W. [D-NV], Sen. Tsongas, Paul E. [D-MA]

Subjects

Taxation

Source updated

3 January 2025

Taxation

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to set forth special temporary rules for the taxation of life insurance companies for 1982 and 1983. Revises provisions relating to policies reinsured under modified coinsurance contracts. Specifies that prescribed policy and other contract liability requirements shall not include interest payable after enactment of this Act by a reinsured to a reinsurer in connection with a coinsurance contract. Revises the method of computing the tax deductions for: (1) dividends to policyholders; (2) certain nonparticipating contracts; and (3) certain accident, health insurance, and group life insurance plans. Revises the method of determining adjusted life insurance reserves. Revises the method of computing the policyholder's shared investment yield, life insurance company taxable income, and net capital gain for companies filing consolidated returns. Specifies that the above method shall not apply to certain contract computation in effect before 1982. States that the determination for taxable years before 1982 as to whether a contract is a coinsurance contract shall be made solely by reference to the terms of the contract.

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

Timeline

  1. 1 April 1982

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 1 April 1982

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 8 April 1982

    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

Leesvertaling

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Sponsors

Related records

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Sources

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