A bill to amend the Internal Revenue Code of 1986 to permit the consolidation of life insurance companies with other companies.
Latest action · May 10, 2007 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.
- IntroducedMay 10, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Amends the Internal Revenue Code to allow affiliated life and non-life insurance companies to file consolidated tax returns.
Allows: (1) a phasein, between 2007 and 2013, of the full application of losses of affiliated non-life insurance companies against the taxable income of an affiliated life insurance company; and (2) an automatic waiver of the five-year waiting period applicable to affiliated non-life insurance companies for offset of their losses against life insurance company income.
Cosponsors 4
Members who signed on, in the order they did. Signatures ran from May 10, 2007 to Apr 30, 2008, with 3 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-OR | Gordon H. Smith | Original | May 10, 2007 |
| D-MA | John F. Kerry | Original | May 10, 2007 |
| D-ND | Kent Conrad | Original | May 10, 2007 |
| R-ME | Olympia J. Snowe | Apr 30, 2008 |
Actions 2
Everything that happened, newest first.
- May 10, 2007Introduced in Senate
- May 10, 2007Read twice and referred to the Committee on Finance.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1810 | To amend the Internal Revenue Code of 1986 to permit the consolidation of life insurance companies with other companies. | Related bill | Mar 29, 2007 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- May 10, 2007Introduced in Senate
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.