A bill to amend the Internal Revenue Code of 1986 to impose an excise tax on amounts received under certain insurance policies in which certain exempt organizations hold an interest.

Summary

Amends the Internal Revenue Code to impose an excise tax on certain tax-exempt organizations or other nonexempt persons which acquire a direct or indirect interest in any life insurance, annuity, or endowment contract for 100 percent of the acquisition costs of such interest. Allows an exception from such tax for individuals with insurable interests, named beneficiaries, and trust beneficiaries. Requires tax-exempt organizations and other nonexempt persons which acquire a taxable interest in such insurance contracts to file certain informational returns.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

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

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 10 May 2005

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 10 May 2005

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 10 May 2005

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.