Loading…
To amend the Internal Revenue Code of 1986 to clarify the tax treatment of certain life insurance contract transactions, and for other purposes.
Legislative Progress
Introduced
September 8, 2016
Latest Action
September 8, 2016
Primary Sponsor
Patrick J. TiberiRepublican(OH)
Momentum (last 30 days)
0
score
0 actions · 0 new cosponsors · 0 votes
Speed vs cohort
0pct
0d open
vs 6,526 other HR bills in the 114th — cohort avg 56d
This bill amends the Internal Revenue Code to modify the tax treatment of certain life insurance contract transactions. The bill establishes reporting requirements for acquisitions of life insurance contracts in a reportable policy sale. Specified details must be reported regarding: the payments, contracts, and people involved in the acquisition; the seller's basis; and payments of death benefits. A "reportable policy sale" is the acquisition of an interest in a life insurance contract, directly or indirectly, if the acquirer has no substantial family, business, or financial relationship with the insured apart from the acquirer's interest in such life insurance contract. The bill also: (1) specifies that no basis adjustment shall be made for mortality, expense, or other reasonable charges incurred under an annuity or life insurance contract; and (2) exempts the transfer of a life insurance contract, or any interest therein, in a reportable policy sale from the transfer for valuable consideration rule. (Under current law, the transfer for valuable consideration rule provides that, if a life insurance contract or an interest in a contract is transferred for a valuable consideration, the tax exclusion for amounts received under a life insurance contract due to the death of the insured is limited to the sum of the actual value of the consideration and the premiums and other amounts subsequently paid by the transferee.)
These links require the bill number to appear in the filing's source-reported specific issue text. Client expenses and lobbying-firm income are separate disclosure fields.
Filing registrants (7)
Referred to the House Committee on Ways and Means.
Introduced in House
Congress.gov source codes: 1000, Intro-H
Bills with similar content found using semantic analysis.
Sources: Congress.gov
H.R. 25, S. 155, Fair Tax Act of 2015 H.R. 725, Permanently Repeal the Estate Tax Act of 2015 H.R. 1105, S. 860, Death Tax Repeal Act of 2015 H.R. 173 Death Tax Repeal Act Issues related to H.R. 173 Farmers Against Crippling Taxes Act H.R. 1040, Flat Tax Act H.R. 27, Tax Code Termination Act H.R. 1544 Sensible Estate Tax of 2015 HR 2096 Promotion and Expansion of Private Employee Ownership Act of 2015 S 1212 Promotion and Expansion of Private Employee Ownership Act of 2015 S. 1946, Tax Relief Extension Act of 2015 H.R. 5973 "Life Settlement Bill" H.R. 5973, Clarify the tax treatment of certain life insurance contract transactions
Client expense: $860,053 · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, SENATE
2016 · fourth_quarter · Taxation/Internal Revenue Code
Tax matters relating to life insurance as proposed in the Presidents FY2016 Budget Proposal, Treasury Greenbook, proposals as regards the fiscal cliff including but not limited to: oModify dividends-received deduction ("DRD") for life insurance company general and separate accounts ISSUE: Taxation of life insurance companies oExpand pro rata interest expense disallowance for interest unrelated to company-owned life insurance ISSUE: Taxation of the business use of life insurance oModify Rules that apply to sales of life insurance contracts ISSUE: The compliance burden and accuracy for life insurance companies oApplication of a Fiscal Crisis Responsibility Fee on to life insurance companies ISSUE: Taxation life insurance companies and products. Tax Reform discussion drafts released and written by the staff of the House Ways & Means Committee or Senate Finance Committee. ISSUE: Taxation of the business use of life insurance and taxation of life insurance companies; deductibility of interest on loans by a non-US affiliate. H.R.2315/S.386: Mobile Workforce State Income Tax Simplification Act of 2013. ISSUE: Withholding from multi-state employees. H.R.4377: American Business Competitiveness Act of 2015. ISSUE: Taxation of Life insurers. H.R.5973: To amend the Internal Revenue Code of 1986 to clarify the tax treatment of certain life insurance contract transactions, and for other purposes. ISSUE: Taxation of life settlement transactions. S. 386: Mobile Workforce State Income Tax Simplification Act of 2015. ISSUE: Withholding from multi-state employees. S.3529 - Progressive Consumption Tax Act of 2016. ISSUE: Taxation of Life insurers and products. House Republican Tax Reform Blue Print Treasury Regulations on Section 385 Draft House bill to provide relief from the HHS knock out rule
Client expense: $500,000 · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, SENATE
2016 · fourth_quarter · Taxation/Internal Revenue Code
Federal legislative issues relating to tax reform and H.R. 5973,Bill to amend the Internal Revenue Code of 1986 to clarify the tax treatment of certain life insurance contract transactions
Client expense: Not reported · Firm income: $50,000
Government targets: HOUSE OF REPRESENTATIVES, SENATE
2016 · fourth_quarter · Taxation/Internal Revenue Code
H.R. 529 - To amend the Internal Revenue Code of 1986 to improve 529 plans; entire bill H.R. 879 - Ax the Tax on Middle Class Americans Health Plans Act; entire bill H.R. 1270 - Restoring Access to Medication and Improving Health Savings Act of 2016; provisions relating to HSAs and FSAs H.R. 2483 - Independent Contractor Tax Fairness and Simplification Act of 2015; entire bill H.R. 4094 - Universal Savings Account Act; entire bill H.R. 4377 - American Business Competitiveness Act of 2015; entire bill H.R. 4469 - Health Savings Act of 2016; entire bill H.R. 4794 - ABLE Financial Planning Act; entire bill H.R. 4491 - MyRA Act; entire bill H.R. 5261 - Protecting the U.S. Corporate Tax Base Act of 2016; entire bill H.R. 5973 - To amend the Internal Revenue Code of 1986 to clarify the tax treatment of certain life insurance contract transactions, and for other purposes; entire bill H.R. 6126 - Corporate Transparency and Accountability Act; entire bill S. 335 - To amend the Internal Revenue Code of 1986 to improve 529 plans; entire bill S. 2492 - Encouraging Americans to Save Act; entire bill S. 2499 - Health Savings Act of 2016; entire bill S. 2703 - ABLE Financial Planning Act; entire bill S. 3338 - Small Business Employee Retirement Savings Act; entire bill S. 3471 - Retirement Enhancement and Savings Act (RESA); entire bill Not Yet Introduced: Original Bill to Prevent Identity Theft and Tax Refund Fraud Tax reform discussions relating to life insurers and insurance product taxation, property casualty insurance taxation, savings incentives (both qualified and non-qualified), long-term capital investment, municipal bond interest exclusion, corporate tax rate, corporate business deductions, international corporate taxation, and employee benefits, as well as discussions on tax extenders Not Yet Introduced: Modernization of Derivatives Tax Act of 2016 - Senator Ron Wyden Tax Discussion Draft Not Yet Introduced: Senator Orrin Hatchs corporate integration plan Proposed Treasury regulations under Section 385 relating to debt/equity regs effect on ordinary course of business transactions GOP Blueprint for Tax Reform: provisions relating to individual tax rates, corporate tax rates, charitable contribution deductions, retirement savings incentives, municipal bond interest exemption Not Yet Introduced: Retirement Improvements and Savings Enhancements (RISE) Act Chairmans Mark: Retirement and Enhancement Savings Act of 2016; provisions relating to open MEPs, annuity selection safe harbor, LIDA and lifetime income portability, and Stretch IRAs
Client expense: $770,000 · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, SENATE
2016 · fourth_quarter · Taxation/Internal Revenue Code
Lobbying Congress on proposals related to both corporate and product taxation. Specifically, proposals regarding: capital loss rule temporary relief: STOLI: Benefits of current tax treatment for life insurance and retirement products. (not in legislative form) Obama Administration's proposals on COLI and SADRD (not yet in legislative form) "The Tax Reform Act of 2014" - provisions relating to the tax treatment of insurance companies and products HR 2995 - Financial Services and General Government Appropriations Act, 2016 S. 1484 - Financial Regulatory Improvement Act of 2015 House Amendment #1 to the Senate Amendment to HR 2029 House Republican Tax Reform Blueprint- A draft, broad plan for reforming the US Tax Code H.R. 5973 - To amend the Internal Revenue Code of 1986 to clarify the tax treatment of certain life insurance contract transactions, and for other purposes S. 3307 - A Bill to amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to avoid duplicative reporting, and fore other purposes Retirement Enhancement and Savings Act of 2016 - "A bill making miscellaneous changes to retirement provisions in the tax code"
Client expense: $820,000 · Firm income: Not reported
Government targets: Federal Deposit Insurance Corporation (FDIC), Federal Emergency Management Agency (FEMA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Homeland Security, Dept of (DHS), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Transportation, Dept of (DOT), Treasury, Dept of, U.S. Copyright Office, U.S. Postal Service (USPS)
2016 · fourth_quarter · Taxation/Internal Revenue Code
TAX - Fourth Quarter Report - 2016 Tax matters relating to life insurance as proposed in the Presidents FY2017 Budget Proposal, Treasury Greenbook, proposals including but not limited to: oModify dividends-received deduction ("DRD") for life insurance company general and separate accounts ISSUE: Taxation of life insurance companies oExpand pro rata interest expense disallowance for interest unrelated to company-owned life insurance ISSUE: Taxation of the business use of life insurance oModify Rules that apply to sales of life insurance contracts ISSUE: The compliance burden and accuracy for life insurance companies oApplication of a Fiscal Crisis Responsibility Fee on to life insurance companies ISSUE: Taxation of life insurance companies Tax reform discussion drafts released and written by staff and/or members of the House Ways & Means Committee or Senate Finance Committee. ISSUE: Taxation of the business use of life insurance and taxation of life insurers and products H.R. 2315: Mobile Workforce State Income Tax Simplification Act of 2015. ISSUE: Withholding from multi-state employees. H.R. 4377: American Business Competitiveness Act of 2015. ISSUE: Taxation of Life insurers. H.R. 5973: To amend the Internal Revenue Code of 1986 to clarify the tax treatment of certain life insurance contract transactions, and for other purposes. ISSUE: Taxation of life settlement transactions. S. 386: Mobile Workforce State Income Tax Simplification Act of 2015. ISSUE: Withholding from multi-state employees. S. 3529 - Progressive Consumption Tax Act of 2016. ISSUE: Taxation of Life insurers and products.
Client expense: $800,000 · Firm income: Not reported
H.R. 25, S. 155, Fair Tax Act of 2015 H.R. 725, Permanently Repeal the Estate Tax Act of 2015 H.R. 1105, S. 860, Death Tax Repeal Act of 2015 H.R. 173 Death Tax Repeal Act Issues related to H.R. 173 Farmers Against Crippling Taxes Act H.R. 1040, Flat Tax Act H.R. 27, Tax Code Termination Act H.R. 1544 Sensible Estate Tax of 2015 HR 2096 Promotion and Expansion of Private Employee Ownership Act of 2015 S 1212 Promotion and Expansion of Private Employee Ownership Act of 2015 S. 1946, Tax Relief Extension Act of 2015 H.R. 5973 "Life Settlement Bill" H.R. 5973, Clarify the tax treatment of certain life insurance contract transactions
Client expense: $860,053 · Firm income: Not reported
2016 · fourth_quarter · Taxation/Internal Revenue Code
Tax matters relating to life insurance as proposed in the Presidents FY2017 Budget Proposal, Treasury Greenbook, proposals including but not limited to: oModify dividends-received deduction ("DRD") for life insurance company general and separate accounts ISSUE: Taxation of life insurance companies oExpand pro rata interest expense disallowance for interest unrelated to company-owned life insurance ISSUE: Taxation of the business use of life insurance oModify Rules that apply to sales of life insurance contracts ISSUE: The compliance burden and accuracy for life insurance companies oApplication of a Fiscal Crisis Responsibility Fee on to life insurance companies ISSUE: Taxation of life insurance companies Tax reform discussion drafts released and written by staff and/or members of the House Ways & Means Committee or Senate Finance Committee. ISSUE: Taxation of the business use of life insurance and taxation of life insurers and products H.R.2315: Mobile Workforce State Income Tax Simplification Act of 2015. ISSUE: Withholding from multi-state employees. H.R.4377: American Business Competitiveness Act of 2015. ISSUE: Taxation of Life insurers. H.R.5973: To amend the Internal Revenue Code of 1986 to clarify the tax treatment of certain life insurance contract transactions, and for other purposes. ISSUE: Taxation of life settlement transactions. S. 386: Mobile Workforce State Income Tax Simplification Act of 2015. ISSUE: Withholding from multi-state employees. S.3529 - Progressive Consumption Tax Act of 2016. ISSUE: Taxation of Life insurers and products.
Client expense: $1,134,000 · Firm income: Not reported
2016 · third_quarter · Taxation/Internal Revenue Code
H.R. 529 - To amend the Internal Revenue Code of 1986 to improve 529 plans; entire bill H.R. 879 - Ax the Tax on Middle Class Americans Health Plans Act; entire bill H.R. 1270 - Restoring Access to Medication and Improving Health Savings Act of 2016; provisions relating to HSAs and FSAs H.R. 2483 - Independent Contractor Tax Fairness and Simplification Act of 2015; entire bill H.R. 4094 - Universal Savings Account Act; entire bill H.R. 4377 - American Business Competitiveness Act of 2015; entire bill H.R. 4469 - Health Savings Act of 2016; entire bill H.R. 4794 - ABLE Financial Planning Act; entire bill H.R. 4491 - MyRA Act; entire bill H.R. 5261 - Protecting the U.S. Corporate Tax Base Act of 2016; entire bill H.R. 5973 - To amend the Internal Revenue Code of 1986 to clarify the tax treatment of certain life insurance contract transactions, and for other purposes; entire bill H.R. 6126 - Corporate Transparency and Accountability Act; entire bill S. 335 - To amend the Internal Revenue Code of 1986 to improve 529 plans; entire bill S. 2492 - Encouraging Americans to Save Act; entire bill S. 2499 - Health Savings Act of 2016; entire bill S. 2703 - ABLE Financial Planning Act; entire bill S. 3338 - Small Business Employee Retirement Savings Act; entire bill Not Yet Introduced: Original Bill to Prevent Identity Theft and Tax Refund Fraud Tax reform discussions relating to life insurers and insurance product taxation, property casualty insurance taxation, savings incentives (both qualified and non-qualified), long-term capital investment, municipal bond interest exclusion, corporate tax rate, corporate business deductions, international corporate taxation, and employee benefits, as well as discussions on tax extenders Not Yet Introduced: Modernization of Derivatives Tax Act of 2016 - Senator Ron Wyden Tax Discussion Draft Not Yet Introduced: Senator Orrin Hatchs corporate integration plan Proposed Treasury regulations under Section 385 relating to debt/equity regs effect on ordinary course of business transactions GOP Blueprint for Tax Reform: provisions relating to individual tax rates, corporate tax rates, charitable contribution deductions, retirement savings incentives, estate taxes, AMT Not Yet Introduced: Retirement Improvements and Savings Enhancements (RISE) Act Chairmans Mark: Retirement and Enhancement Savings Act of 2016; provisions relating to open MEPs, annuity selection safe harbor, LIDA and lifetime income portability, and Stretch IRAs
H.R. 25, S. 155, Fair Tax Act of 2015 H.R. 725, Permanently Repeal the Estate Tax Act of 2015 H.R. 1105, S. 860, Death Tax Repeal Act of 2015 H.R. 173 Death Tax Repeal Act Issues related to H.R. 173 Farmers Against Crippling Taxes Act H.R. 1040, Flat Tax Act H.R. 27, Tax Code Termination Act H.R. 1544 Sensible Estate Tax of 2015 HR 2096 Promotion and Expansion of Private Employee Ownership Act of 2015 S 1212 Promotion and Expansion of Private Employee Ownership Act of 2015 S. 1946, Tax Relief Extension Act of 2015 H.R. 5973 "Life Settlement Bill"
Client expense: $456,043 · Firm income: Not reported
2016 · third_quarter · Taxation/Internal Revenue Code
TAX - Second Quarter Report - 2016 Tax matters relating to life insurance as proposed in the Presidents FY2017 Budget Proposal, Treasury Greenbook, proposals including but not limited to: oModify dividends-received deduction ("DRD") for life insurance company general and separate accounts ISSUE: Taxation of life insurance companies oExpand pro rata interest expense disallowance for interest unrelated to company-owned life insurance ISSUE: Taxation of the business use of life insurance oModify Rules that apply to sales of life insurance contracts ISSUE: The compliance burden and accuracy for life insurance companies oApplication of a Fiscal Crisis Responsibility Fee on to life insurance companies ISSUE: Taxation of life insurance companies Tax reform discussion drafts released and written by the staff and/or members of the House Ways & Means Committee or Senate Finance Committee. ISSUE: Taxation of the business use of life insurance and taxation of life insurers and products H.R. 2315: Mobile Workforce State Income Tax Simplification Act of 2015. ISSUE: Withholding from multi-state employees. H.R. 4377: American Business Competitiveness Act of 2015. ISSUE: Taxation of Life insurers. H.R. 5973: To amend the Internal Revenue Code of 1986 to clarify the tax treatment of certain life insurance contract transactions, and for other purposes. ISSUE: Taxation of life settlement transactions. S. 386: Mobile Workforce State Income Tax Simplification Act of 2015. ISSUE: Withholding from multi-state employees.
Client expense: $1,230,000 · Firm income: Not reported
2016 · third_quarter · Taxation/Internal Revenue Code
Federal legislative issues relating to tax reform and H.R. 5973,Bill to amend the Internal Revenue Code of 1986 to clarify the tax treatment of certain life insurance contract transactions
Client expense: Not reported · Firm income: $50,000
Government targets: HOUSE OF REPRESENTATIVES, SENATE
2016 · third_quarter · Taxation/Internal Revenue Code
Lobbying Congress on proposals related to both corporate and product taxation. Specifically, proposals regarding: capital loss rule temporary relief: STOLI: Benefits of current tax treatment for life insurance and retirement products. (not in legislative form) Obama Administration's proposals on COLI and SADRD (not yet in legislative form) "The Tax Reform Act of 2014" - provisions relating to the tax treatment of insurance companies and products HR 2995 - Financial Services and General Government Appropriations Act, 2016 S. 1484 - Financial Regulatory Improvement Act of 2015 House Amendment #1 to the Senate Amendment to HR 2029 House Republican Tax Reform Blueprint- A draft, broad plan for reforming the US Tax Code H.R. 5973 - To amend the Internal Revenue Code of 1986 to clarify the tax treatment of certain life insurance contract transactions, and for other purposes S. 3307 - A Bill to amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to avoid duplicative reporting, and fore other purposes Retirement Enhancement and Savings Act of 2016 - "A bill making miscellaneous changes to retirement provisions in the tax code"
Client expense: $1,020,000 · Firm income: Not reported
2016 · third_quarter · Taxation/Internal Revenue Code
Tax matters relating to life insurance as proposed in the Presidents FY2017 Budget Proposal, Treasury Greenbook, proposals including but not limited to: -Modify dividends-received deduction ("DRD") for life insurance company general and separate accounts ISSUE: Taxation of life insurance companies -Expand pro rata interest expense disallowance for interest unrelated to company-owned life insurance ISSUE: Taxation of the business use of life insurance -Modify Rules that apply to sales of life insurance contracts ISSUE: The compliance burden and accuracy for life insurance companies -Application of a Fiscal Crisis Responsibility Fee on to life insurance companies ISSUE: Taxation of life insurance companies Tax reform discussion drafts released and written by the staff and/or members of the House Ways & Means Committee or Senate Finance Committee. ISSUE: Taxation of the business use of life insurance and taxation of life insurers and products H.R.2315: Mobile Workforce State Income Tax Simplification Act of 2015. ISSUE: Withholding from multi-state employees. H.R.4377: American Business Competitiveness Act of 2015. ISSUE: Taxation of Life insurers. H.R.5973: To amend the Internal Revenue Code of 1986 to clarify the tax treatment of certain life insurance contract transactions, and for other purposes. ISSUE: Taxation of life settlement transactions. S. 386: Mobile Workforce State Income Tax Simplification Act of 2015. ISSUE: Withholding from multi-state employees.
Client expense: $1,071,000 · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, SENATE
Government targets: HOUSE OF REPRESENTATIVES, SENATE
Government targets: HOUSE OF REPRESENTATIVES, SENATE
Client expense: $560,000 · Firm income: Not reported
Government targets: HOUSE OF REPRESENTATIVES, SENATE
Government targets: HOUSE OF REPRESENTATIVES, SENATE
Government targets: HOUSE OF REPRESENTATIVES, SENATE
Government targets: Federal Deposit Insurance Corporation (FDIC), Federal Emergency Management Agency (FEMA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Homeland Security, Dept of (DHS), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Transportation, Dept of (DOT), Treasury, Dept of, U.S. Copyright Office, U.S. Postal Service (USPS)
Government targets: HOUSE OF REPRESENTATIVES, SENATE