HR 909 · 107th Congress 2001–2003, ended

To amend the Internal Revenue Code of 1986 to permit the consolidation of life insurance companies with other companies.

Introduced Mar 7, 2001 Originated House Sponsor Philip M. Crane R-IL

Latest action · Mar 7, 2001 Referred to the House Committee on Ways and Means.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

IntroducedMar 7, 2001
Passed HouseNot reached
Passed SenateNot reached
To the PresidentNot reached
Became lawNot reached

Summary

Amends the Internal Revenue Code to include life insurance companies as an "includible corporation" for purposes of filing consolidated tax returns.

Permits an affiliated group which includes at least one domestic insurance company that elects to file a consolidated return rather than pay tax under certain life insurance provisions to use a phased-in percentage of insurance company net operating loss in determining its own taxable income. (Permits unused loss carryover.)

Provides for: (1) subsidiary stock basis adjustment; and (2) waiver of the five-year reconsolidation waiting period for certain formerly includible corporations which became nonincludible as a result of becoming a subsidiary of a nonincludible life insurance company.

Cosponsors 26

Members who signed on, in the order they did. Signatures ran from Mar 7, 2001 to Jul 26, 2001; 19 are original cosponsors, there from the day it was introduced.

Seat	Cosponsor		Signed on
R-NY	Amo Houghton	Original	Mar 7, 2001
D-NY	Charles B. Rangel	Original	Mar 7, 2001
R-FL	E. Clay Shaw Jr.	Original	Mar 7, 2001
R-IL	Jerry Weller	Original	Mar 7, 2001
R-IA	Jim Nussle	Original	Mar 7, 2001
R-MN	Jim Ramstad	Original	Mar 7, 2001
D-GA	John Lewis	Original	Mar 7, 2001
R-MO	Kenny C. Hulshof	Original	Mar 7, 2001
R-GA	Mac Collins	Original	Mar 7, 2001
D-NY	Michael R. McNulty	Original	Mar 7, 2001
R-CT	Nancy L. Johnson	Original	Mar 7, 2001
R-PA	Phil English	Original	Mar 7, 2001
R-OH	Rob Portman	Original	Mar 7, 2001
D-CA	Robert T. Matsui	Original	Mar 7, 2001
R-KY	Ron Lewis	Original	Mar 7, 2001
R-TX	Sam Johnson	Original	Mar 7, 2001
R-CO	Scott McInnis	Original	Mar 7, 2001
R-CA	Wally Herger	Original	Mar 7, 2001
D-CA	Xavier Becerra	Original	Mar 7, 2001
D-ND	Earl Pomeroy		Apr 3, 2001
D-MD	Benjamin L. Cardin		May 3, 2001
R-AZ	J. D. Hayworth		May 3, 2001
R-TX	Kevin Brady		May 3, 2001
R-WI	Paul D. Ryan		May 16, 2001
R-OK	Wes Watkins		May 17, 2001
R-NY	Vito Fossella		Jul 26, 2001

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

Chamber	Committee	What it did
House	Ways and Means Committee	Referred Mar 7, 2001

Actions 3

Everything that happened, newest first.

Mar 7, 2001Introduced in House
Mar 7, 2001Sponsor introductory remarks on measure. (CR E308-309)
Mar 7, 2001Referred to the House Committee on Ways and Means.

In the Congressional Record 1

Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.

Where	In the Record	Members	Date
Extensions	Debate and remarks E308	Philip M. Crane R-IL	Mar 7, 2001

Related bills 1

Companion bills and other measures the record links to this one.

Bill	Title	Relationship	Latest action
S 795	A bill to amend the Internal Revenue Code of 1986 to permit the consolidation of life insurance companies with other companies.	Identical bill	Apr 26, 2001

Titles 1

Every title it has carried, official and short, at each stage.

Official Title as Introduced: To amend the Internal Revenue Code of 1986 to permit the consolidation of life insurance companies with other companies.

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

Text 1

Each version as it was printed, newest first.

Mar 7, 2001Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.