H.R.5642 - To amend the Internal Revenue Code of 1986 with respect to the treatment of certain property and casualty insurance companies under the minimum tax, and for other purposes.102nd Congress (1991-1992)
|Sponsor:||Rep. Jacobs, Andrew, Jr. [D-IN-10] (Introduced 07/22/1992)|
|Committees:||House - Ways and Means | Senate - Finance|
|Committee Reports:||H.Rept 102-699|
|Latest Action:||House - 10/05/1992 See H.R.11. (All Actions)|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.5642 — 102nd Congress (1991-1992)All Information (Except Text)
Introduced in House (07/22/1992)
Amends the Internal Revenue Code to allow certain small property and casualty insurance companies to determine alternative minimum taxable income and adjusted net book income without regard to underwriting income and expense.
Increases the withholding rate on supplemental wage payments to 24 percent if an employer elects to determine such amounts under a specified Treasury regulation (otherwise such withholding rate is 20 percent).
Provides for the taxation of the income from the merger of Federal land bank associations and farm credit associations, except for income, gain, loss, or deduction properly allocable to loans made by the Federal land bank associations that have an initial term of at least ten years.