To amend the Internal Revenue Code of 1986 to encourage guaranteed lifetime income payments from annuities and similar payments of life insurance proceeds at dates later than death by taxing the income portion of such payments at capital gains rates.

Fact Sheet API

Bill Number

HR 3320

Introduced

Nov 16, 2001

Latest Action

Referred to the House Committee on Ways and Means.

Sponsor

Cosponsors

Topics

Annuities Capital gains tax Finance and Financial Sector Income tax Labor and Employment Life insurance Minimum tax Personal income tax Tax rates Taxation

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Votes

Summary

Amends the Internal Revenue Code to tax lifetime annuity payouts and similar payments of life insurance proceeds at dates later than death at capital gains rates.

Excludes amounts received under an eligible deferred compensation plan or under a qualified retirement plan.

Includes such gains in the calculation of the maximum rate of tax on net capital gains of noncorporate taxpayers when computing the alternative minimum tax.

Actions

Nov 16, 2001

Referred to the House Committee on Ways and Means.
Nov 16, 2001

Sponsor introductory remarks on measure. (CR E2115-2116)
Nov 16, 2001

Introduced in House

Amendments

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