S.905 - An original bill to amend the Internal Revenue Code of 1986 to increase the limitation on eligibility for the alternative tax for certain small insurance companies.114th Congress (2015-2016)
|Sponsor:||Sen. Hatch, Orrin G. [R-UT] (Introduced 04/14/2015)|
|Committees:||Senate - Finance|
|Committee Reports:||S. Rept. 114-16|
|Latest Action:||Senate - 04/14/2015 Placed on Senate Legislative Calendar under General Orders. Calendar No. 39. (All Actions)|
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Summary: S.905 — 114th Congress (2015-2016)All Information (Except Text)
Reported to Senate without amendment (04/14/2015)
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
(Sec. 1) This bill amends the Internal Revenue Code to expand the eligibility of certain small insurance companies (other than life insurance companies) for the alternative corporate income tax by increasing the premium limitation used to determine such eligibility to $2.2 million (from $1.2 million), with an annual inflation adjustment to such increased amount after 2015. This increase is applicable to taxable years beginning after the enactment of this Act.
The Department of the Treasury must submit to the Senate Finance Committee by February 11, 2016, a report on the abuse of captive insurance companies for estate planning purposes, including legislative recommendations for addressing any such abuses.
(Sec. 2) This bill also increases from 30% to 45% the rate of the continuous levy on payments made after 180 days after the enactment of this Act to Medicare providers and suppliers for unpaid taxes.