A bill to amend the Internal Revenue Code of 1954 to allow the tax-exempt status of the interest of certain life insurance accounts to flow-through to policyholders.

referredUnited States· United States Congress· EN

Introduced

22 June 1978

Last action

—

Status

Referred to Senate Committee on Finance.

Summary

Amends the Internal Revenue Code to permit holders of life insurance policies to receive tax free income under annuity contracts funded by segregated exempt-interest accounts in which 50 percent of the assets of such accounts consists of tax-exempt State or local government securities. Disallows tax deductions for expenses and interest incurred by life insurance companies in the maintenance of such exempt-interest asset accounts.

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Documents

1 official file

Introduced in Senate
summary · EN · 22 June 1978
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/95th-congress/senate-bill/3218
Open data entity: https://api.congress.gov/v3/bill/95/s/3218