H.R.3734 - To amend the Internal Revenue Code of 1986 with respect to the tax treatment of payments under life insurance contracts to terminally ill individuals.101st Congress (1989-1990)
|Sponsor:||Rep. Kennelly, Barbara B. [D-CT-1] (Introduced 11/19/1989)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 11/19/1989 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.3734 — 101st Congress (1989-1990)All Information (Except Text)
Introduced in House (11/19/1989)
Amends the Internal Revenue Code to provide that payment under a life insurance contract to an insured who is terminally ill be treated as a death benefit, making such payment eligible for tax exclusion from gross income.
Provides that any reference to life insurance shall be treated as referring to a qualified terminal illness rider. Provides for the tax treatment of such riders. Describes such a rider as one which provides for payments to an insured upon the insured's becoming terminally ill.