3.0.0 905 2021-07-10T19:55:08Z 2022-11-04T13:28:06Z Senate S 2015-04-14 114 ssfi00 Finance Committee Senate Standing Reported original measure 2015-04-14T14:45:28Z S. Rept. 114-16 To amend the Internal Revenue Code of 1986 to increase the alternative tax liability limitation for small property and casualty insurance companies. 114 1788 HR 2015-04-14 Referred to the House Committee on Ways and Means. Related bill CRS 2015-04-14 Senate Placed on Senate Legislative Calendar under General Orders. Calendar No. 39. Calendars 2015-04-14 ssfi00 Finance Committee Senate Committee on Finance. Original measure reported to Senate by Senator Hatch. With written report No. 114-16. Committee 2015-04-14 Committee on Finance. Original measure reported to Senate by Senator Hatch. With written report No. 114-16. Committee 14000 9 Library of Congress ssfi00 Finance Committee 2015-04-14 Introduced in Senate IntroReferral 10000 9 Library of Congress H000338 Sen. Hatch, Orrin G. [R-UT] ORRIN HATCH R UT GRANT N Taxation Congressional oversight Debt collection Government studies and investigations Income tax rates Inflation and prices Insurance industry and regulation Medicare Small business Tax administration and collection, taxpayers Transfer and inheritance taxes Taxation 00 2015-04-14 Introduced in Senate 2015-05-20T17:41:36Z This bill amends the Internal Revenue Code to: (1) 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; and (2) increase from 30% to 45% the rate of the continuous levy on payments to Medicare providers and suppliers for unpaid taxes. 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.

]]> 80 2015-04-14 Reported to Senate without amendment 2015-05-20T17:43:14Z (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.

]]> 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. Display Title 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. Official Title as Introduced 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. Placed on Calendar Senate 2015-04-14T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s905pcs/xml/BILLS-114s905pcs.xml 2015-04-14 Placed on Senate Legislative Calendar under General Orders. Calendar No. 39. 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.