Summary: S.905 — 114th Congress (2015-2016)All Information (Except Text)

Bill summaries are authored by CRS.

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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.