Summary: S.1687 — 114th Congress (2015-2016)All Information (Except Text)

There is one summary for S.1687. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (06/25/2015)

Offshore Reinsurance Tax Fairness Act

Amends the Internal Revenue Code to define "qualifying insurance corporation," for purposes of the insurance business exception to passive foreign investment company rules, as a foreign corporation: (1) that would be subject to U.S. taxation if it were a domestic corporation, and (2) the applicable insurance liabilities of which constitute more than 25% of its total assets. Allows an alternative facts and circumstances test for insurance corporations whose applicable insurance liabilities are not at least 25% of total assets if such percentage is at least 10% and the corporation is predominantly engaged in an insurance business.