Insurance Company Tax Modernization and Parity Act of 2017
Latest action · Apr 26, 2017 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.
- IntroducedApr 26, 2017
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Insurance Company Tax Modernization and Parity Act of 2017
This bill amends the Internal Revenue Code to allow affiliated life and non-life insurance companies to file consolidated tax returns. The bill also allows: (1) a phase-in of the full application of losses of affiliated non-life insurance companies against the taxable income of an affiliated life insurance company for taxable years beginning after December 31, 2017, and before January 1, 2024, 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 10
Members who signed on, in the order they did. Signatures ran from Apr 26, 2017 to Oct 26, 2017; 3 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-MN | Erik Paulsen | Original | Apr 26, 2017 |
| D-CT | John B. Larson | Original | Apr 26, 2017 |
| R-NY | Tom Reed | Original | Apr 26, 2017 |
| R-NC | George Holding | May 18, 2017 | |
| R-IN | Jackie Walorski | May 23, 2017 | |
| R-MO | Jason Smith | Jun 20, 2017 | |
| D-CA | Linda T. Sánchez | Jun 22, 2017 | |
| D-NJ | Bill Pascrell, Jr. | Jul 18, 2017 | |
| R-KS | Lynn Jenkins | Sep 25, 2017 | |
| R-TX | Sam Johnson | Oct 26, 2017 |
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 Apr 26, 2017 |
Actions 2
Everything that happened, newest first.
- Apr 26, 2017Introduced in House
- Apr 26, 2017Referred 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.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 163, no. 71, April 26, 2017, page H2898.
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 permit the consolidation of life insurance companies with other companies.
- Short Titles as Introduced
- Insurance Company Tax Modernization and Parity Act of 2017
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Apr 26, 2017Introduced 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.
