COLI Best Practices Act of 2005
Latest action · May 11, 2005 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.
- IntroducedMay 11, 2005
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
COLI Best Practices Act of 2005 - Amends the Internal Revenue Code to limit the tax exclusion for benefits paid by employer-owned life insurance contracts upon the death of an insured employee, with certain exceptions for directors and highly compensated employees and for proceeds paid to the heirs of an insured employee. Requires employers to provide written notice to employees of intent to insure their lives and obtain written consent from such employees to being insured under a company-owned life insurance contract.
Imposes certain reporting and recordkeeping requirements for employer-owned life insurance contracts.
Cosponsors 47
Members who signed on, in the order they did. Signatures ran from May 11, 2005 to Nov 18, 2005; 33 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-FL | Adam H. Putnam | Original | May 11, 2005 |
| D-MD | Benjamin L. Cardin | Original | May 11, 2005 |
| R-CO | Bob Beauprez | Original | May 11, 2005 |
| R-PA | Charles W. Dent | Original | May 11, 2005 |
| R-IN | Chris Chocola | Original | May 11, 2005 |
| R-MI | Dave Camp | Original | May 11, 2005 |
| R-FL | E. Clay Shaw Jr. | Original | May 11, 2005 |
| D-ND | Earl Pomeroy | Original | May 11, 2005 |
| R-CA | Elton Gallegly | Original | May 11, 2005 |
| R-AZ | J. D. Hayworth | Original | May 11, 2005 |
| R-IL | Jerry Weller | Original | May 11, 2005 |
| R-LA | Jim McCrery | Original | May 11, 2005 |
| R-IA | Jim Nussle | Original | May 11, 2005 |
| R-MN | Jim Ramstad | Original | May 11, 2005 |
| R-TX | John Abney Culberson | Original | May 11, 2005 |
| D-CT | John B. Larson | Original | May 11, 2005 |
| R-GA | John Linder | Original | May 11, 2005 |
| D-TN | John S. Tanner | Original | May 11, 2005 |
| R-MO | Kenny C. Hulshof | Original | May 11, 2005 |
| R-TX | Kevin Brady | Original | May 11, 2005 |
| R-NE | Lee Terry | Original | May 11, 2005 |
| R-FL | Mark Foley | Original | May 11, 2005 |
| R-PA | Melissa A. Hart | Original | May 11, 2005 |
| D-NY | Michael R. McNulty | Original | May 11, 2005 |
| D-CA | Mike Thompson | Original | May 11, 2005 |
| R-CT | Nancy L. Johnson | Original | May 11, 2005 |
| R-WI | Paul D. Ryan | Original | May 11, 2005 |
| R-PA | Phil English | Original | May 11, 2005 |
| D-MA | Richard E. Neal | Original | May 11, 2005 |
| R-KY | Ron Lewis | Original | May 11, 2005 |
| R-TX | Sam Johnson | Original | May 11, 2005 |
| R-CA | Wally Herger | Original | May 11, 2005 |
| D-LA | William J. Jefferson | Original | May 11, 2005 |
| R-PA | Jim Gerlach | May 26, 2005 | |
| R-CA | John T. Doolittle | May 26, 2005 | |
| D-IA | Leonard L. Boswell | May 26, 2005 | |
| R-OR | Greg Walden | Jun 15, 2005 | |
| D-TN | Harold E. Ford Jr. | Jun 15, 2005 | |
| R-TX | Pete Sessions | Jun 15, 2005 | |
| D-OR | Earl Blumenauer | Jul 29, 2005 | |
| R-VA | Eric Cantor | Jul 29, 2005 | |
| D-OH | Stephanie Tubbs Jones | Jul 29, 2005 | |
| R-IN | Mark E. Souder | Sep 27, 2005 | |
| R-LA | Rodney Alexander | Sep 27, 2005 | |
| R-IA | Steve King | Sep 27, 2005 | |
| R-CA | Ken Calvert | Nov 18, 2005 | |
| R-IN | Mike Pence | Nov 18, 2005 |
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 May 11, 2005 |
Actions 2
Everything that happened, newest first.
- May 11, 2005Introduced in House
- May 11, 2005Referred to the House Committee on Ways and Means.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| RL33414 | Corporate-Owned Life Insurance (COLI): Insurance and Tax Issues Archived | Report | Jan 21, 2011 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to exclude from gross income the proceeds from certain company-owned life insurance.
- Short Titles as Introduced
- COLI Best Practices Act of 2005
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- May 11, 2005Introduced in House
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.