US Congress Senate Bill 905 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on April 14 2015 - 25% progression, died in chamber
Action: 2015-04-14 - Placed on Senate Legislative Calendar under General Orders. Calendar No. 39.
Text: Latest bill text (Introduced) [PDF]

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. (Sec. 1) This bill amends the Internal Revenue Code to 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. This increase is applicable to taxable years beginning after the enactment of this Act. 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, including legislative recommendations for addressing any such abuses. (Sec. 2) This bill also increases from 30% to 45% the rate of the continuous levy on payments made after 180 days after the enactment of this Act to Medicare providers and suppliers for unpaid taxes.

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.

Sen. Orrin Hatch [R-UT]

Date	Chamber	Action
2015-04-14	Senate	Placed on Senate Legislative Calendar under General Orders. Calendar No. 39.
2015-04-14	Senate	Committee on Finance. Original measure reported to Senate by Senator Hatch. With written report No. 114-16.

HB1788 (Related) 2015-04-14 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/905/all-info
Text	https://www.congress.gov/114/bills/s905/BILLS-114s905pcs.pdf