To amend the Internal Revenue Code of 1986 to permit the consolidation of life insurance companies with other companies.
Latest action · Jun 21, 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.
- IntroducedJun 21, 2005
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Amends the Internal Revenue Code to: (1) allow affiliated life and non-life insurance companies to file consolidated tax returns; (2) phase in, between 2005 and 2011, the full application of losses of affiliated non-life insurance companies against the taxable income of an affiliated life insurance company; and (3) automatically waive the five-year waiting period applicable to affiliated non-life insurance companies for offset of their losses against life insurance company income.
Cosponsors 23
Members who signed on, in the order they did. Signatures ran from Jun 21, 2005 to Nov 13, 2006, with 9 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Charles B. Rangel | Original | Jun 21, 2005 |
| D-ND | Earl Pomeroy | Original | Jun 21, 2005 |
| R-AZ | J. D. Hayworth | Original | Jun 21, 2005 |
| R-MO | Kenny C. Hulshof | Original | Jun 21, 2005 |
| D-NY | Michael R. McNulty | Original | Jun 21, 2005 |
| R-CT | Nancy L. Johnson | Original | Jun 21, 2005 |
| R-PA | Phil English | Original | Jun 21, 2005 |
| D-OH | Stephanie Tubbs Jones | Original | Jun 21, 2005 |
| R-NY | Thomas M. Reynolds | Original | Jun 21, 2005 |
| D-CT | John B. Larson | Jun 24, 2005 | |
| D-TN | John S. Tanner | Jun 24, 2005 | |
| R-KY | Ron Lewis | Mar 9, 2006 | |
| R-TX | Sam Johnson | Mar 9, 2006 | |
| R-CA | Wally Herger | Mar 9, 2006 | |
| D-CA | Xavier Becerra | Mar 9, 2006 | |
| R-PA | Melissa A. Hart | May 18, 2006 | |
| R-TX | Kevin Brady | Jun 12, 2006 | |
| R-VA | Eric Cantor | Jun 27, 2006 | |
| R-FL | E. Clay Shaw Jr. | Jun 29, 2006 | |
| R-IN | Chris Chocola | Jul 25, 2006 | |
| R-IL | Jerry Weller | Sep 6, 2006 | |
| D-TN | Harold E. Ford Jr. | Sep 21, 2006 | |
| R-IA | Jim Nussle | Nov 13, 2006 |
Actions 2
Everything that happened, newest first.
- Jun 21, 2005Introduced in House
- Jun 21, 2005Referred to the House Committee on Ways and Means.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1293 | A bill to amend the Internal Revenue Code of 1986 to permit the consolidation of life insurance companies with other companies. | Identical bill | Jun 23, 2005 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jun 21, 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.