S 1495 · 108th Congress 2003–2005, ended

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

Introduced Jul 30, 2003 Originated Senate Sponsor Jim Bunning R-KY

Fact sheet

Latest action · Jul 30, 2003 Read twice and referred to the Committee on Finance.

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.

  1. IntroducedJul 30, 2003
  2. Passed SenateNot reached
  3. Passed HouseNot reached
  4. To the PresidentNot reached
  5. 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 1

Members who signed on, in the order they did. All signed on Jul 30, 2003.

SeatCosponsorSigned on
D-NDKent ConradOriginalJul 30, 2003

Actions 3

Everything that happened, newest first.

  1. Jul 30, 2003Introduced in Senate
  2. Jul 30, 2003Read twice and referred to the Committee on Finance.
  3. Jul 30, 2003Sponsor introductory remarks on measure. (CR S10269-10270)

Related bills 1

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

BillTitleRelationshipLatest action
HR 2228To amend the Internal Revenue Code of 1986 to permit the consolidation of life insurance companies with other companies.Related billMay 22, 2003

Subjects

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

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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.