H.R.909 - To amend the Internal Revenue Code of 1986 to permit the consolidation of life insurance companies with other companies.107th Congress (2001-2002)
|Sponsor:||Rep. Crane, Philip M. [R-IL-8] (Introduced 03/07/2001)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 03/07/2001 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.909 — 107th Congress (2001-2002)All Information (Except Text)
Amends the Internal Revenue Code to include life insurance companies as an "includible corporation" for purposes of filing consolidated tax returns.
Introduced in House (03/07/2001)
Permits an affiliated group which includes at least one domestic insurance company that elects to file a consolidated return rather than pay tax under certain life insurance provisions to use a phased-in percentage of insurance company net operating loss in determining its own taxable income. (Permits unused loss carryover.)
Provides for: (1) subsidiary stock basis adjustment; and (2) waiver of the five-year reconsolidation waiting period for certain formerly includible corporations which became nonincludible as a result of becoming a subsidiary of a nonincludible life insurance company.