Text: S.1346 — 113th Congress (2013-2014)All Bill Information (Except Text)

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Introduced in Senate (07/23/2013)


113th CONGRESS
1st Session
S. 1346


To amend the Internal Revenue Code of 1986 to increase the alternative tax liability limitation for small property and casualty insurance companies.


IN THE SENATE OF THE UNITED STATES

July 23, 2013

Mr. Harkin (for himself, Mr. Grassley, Ms. Klobuchar, Mr. Rockefeller, and Mr. Blunt) introduced the following bill; which was read twice and referred to the Committee on Finance


A BILL

To amend the Internal Revenue Code of 1986 to increase the alternative tax liability limitation for small property and casualty insurance companies.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Increase in limitation for alternative tax liability for small property and casualty insurance companies.

(a) In General.—Clause (i) of section 831(b)(2)(A) of the Internal Revenue Code of 1986 is amended by striking “$1,200,000” and inserting “$2,012,000”.

(b) Inflation Adjustment.—Paragraph (2) of section 831(b) of such Code is amended by adding at the end the following new subparagraph:

“(C) INFLATION ADJUSTMENT.—In the case of any taxable year beginning in a calendar year after 2013, the dollar amount set forth in subparagraph (A)(i) shall be increased by an amount equal to—

“(i) such dollar amount, multiplied by

“(ii) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year by substituting ‘calendar year 2012’ for ‘calendar year 1992’ in subparagraph (B) thereof.

If the amount as adjusted under the preceding sentence is not a multiple of $1,000, such amount shall be rounded to the next lowest multiple of $1,000.”.

(c) Effective Date.—The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.