An original bill to amend the Internal Revenue Code of 1986 to increase the limitation on eligibility for the alternative tax for certain small insurance companies.

Summary

This bill amends the Internal Revenue Code to: (1) expand the eligibility of certain small insurance companies (other than life insurance companies) for the alternative corporate income tax by increasing the premium limitation used to determine such eligibility to $2.2 million (from $1.2 million), with an annual inflation adjustment to such increased amount after 2015; and (2) increase from 30% to 45% the rate of the continuous levy on payments to Medicare providers and suppliers for unpaid taxes. The Department of the Treasury must submit to the Senate Finance Committee by February 11, 2016, a report on the abuse of captive insurance companies for estate planning purposes.

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Documents

4 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 14 April 2015

  ViewDownloadOpen at official source

• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 14 April 2015

  ViewDownloadOpen at official source

• Reported to Senate without amendment

  summary · EN · 14 April 2015

  Open at official source

• Introduced in Senate

  summary · EN · 14 April 2015

  Open at official source

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