US Congress Senate Bill 1687 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on June 25 2015 - 25% progression, died in committee
Action: 2015-06-25 - Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S4650; text of measure as introduced: CR S4650-4652)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Offshore Reinsurance Tax Fairness Act Amends the Internal Revenue Code to define "qualifying insurance corporation," for purposes of the insurance business exception to passive foreign investment company rules, as a foreign corporation: (1) that would be subject to U.S. taxation if it were a domestic corporation, and (2) the applicable insurance liabilities of which constitute more than 25% of its total assets. Allows an alternative facts and circumstances test for insurance corporations whose applicable insurance liabilities are not at least 25% of total assets if such percentage is at least 10% and the corporation is predominantly engaged in an insurance business.

Offshore Reinsurance Tax Fairness Act

Sen. Ron Wyden [D-OR]

Date	Chamber	Action
2015-06-25	Senate	Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S4650; text of measure as introduced: CR S4650-4652)

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/1687/all-info
Text	https://www.congress.gov/114/bills/s1687/BILLS-114s1687is.pdf