Data Breach Insurance Act
Latest action · Sep 14, 2016 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.
- IntroducedSep 14, 2016
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Data Breach Insurance Act
This bill amends the Internal Revenue Code to allow a business tax credit for the purchase of qualified data breach insurance. The credit applies for five years and is equal to 15% of the annual premiums paid or incurred for the insurance in the ordinary course of the taxpayer's trade or business.
Qualified data breach insurance is coverage provided by an insurance company for expenses or losses in connection with the theft, loss, disclosure, inaccessibility, or manipulation of data.
Insurance does not qualify for the credit unless the taxpayer has adopted and is in compliance with: (1) the Framework for Improving Critical Infrastructure Cybersecurity published by the National Institute of Standards and Technology, or (2) any similar standard specified by the Internal Revenue Service.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Sep 14, 2016Introduced in House
- Sep 14, 2016Referred to the House Committee on Ways and Means.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Sep 14, 2016Introduced 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.