3.0.0 1687 2023-01-11T13:30:37Z 2023-01-11T13:30:37Z Senate S 2015-06-25 114 ssfi00 Finance Committee Senate Standing Referred to 2015-06-25T17:01:26Z 2015-06-25 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S4650; text of measure as introduced: CR S4650-4652) IntroReferral 2015-06-25 Introduced in Senate IntroReferral 10000 9 Library of Congress W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR N Taxation Insurance industry and regulation Taxation of foreign income U.S. and foreign investments Taxation 00 2015-06-25 Introduced in Senate 2015-09-25T20:58:29Z 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.

]]> Offshore Reinsurance Tax Fairness Act Display Title Offshore Reinsurance Tax Fairness Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to restrict the insurance business exception to passive foreign investment company rules. Introduced in Senate IS Short Titles as Introduced Offshore Reinsurance Tax Fairness Act Introduced in Senate 2015-06-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s1687is/xml/BILLS-114s1687is.xml 2015-06-25 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S4650; text of measure as introduced: CR S4650-4652) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.