Summary: H.R.1012 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for H.R.1012. Bill summaries are authored by CRS.

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Introduced in House (02/13/2017)

Group Term Life Insurance Increase Act of 2017

This bill amends the Internal Revenue Code to increase the limit on the amount of employer-provided group term life insurance that an employee may exclude from his or her gross income for income tax purposes. Currently, an employee may exclude from gross income up to $50,000 of the cost of such insurance plus any amount paid by the employee for the purchase of such insurance. The bill increases the $50,000 limit to $375,000, and adjusts such increased limit for inflation in taxable years beginning after 2018.