3.0.0 1012 2023-01-11T13:35:13Z 2023-01-11T13:35:13Z House HR 2017-02-13 115 [Congressional Record Volume 163, Number 25 (Monday, February 13, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. BURGESS:H.R. 1012.Congress has the power to enact this legislation pursuantto the following:Article I, Section VIII, clause 1 enumerates that, ``TheCongress shall have power to lay and collect taxes, duties,imposts and excises . . .'' Further, Amendment XVI statesthat ``The Congress shall have power to lay and collect taxeson incomes, from whatever source derived, withoutapportionment among the several states, and without regard toany census or enumeration.''[Page H1126]]]> hswm00 Ways and Means Committee House Standing Referred to 2017-02-13T17:01:10Z Group Term Life Insurance Increase Act 115 3037 HR 2017-06-23 Referred to the House Committee on Ways and Means. Related bill CRS An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018. 115 1 HR 2017-12-22 Signed by President. Related bill CRS 2017-02-13 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2017-02-13 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-02-13 Introduced in House IntroReferral 1000 9 Library of Congress B001248 Rep. Burgess, Michael C. [R-TX-26] Michael Burgess R TX C. 26 N Taxation Employee benefits and pensions Income tax exclusion Life, casualty, property insurance Taxation 00 2017-02-13 Introduced in House 2017-02-24T14:25:18Z 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.

]]> Group Term Life Insurance Increase Act of 2017 Display Title Group Term Life Insurance Increase Act of 2017 Official Title as Introduced To amend the Internal Revenue Code of 1986 to increase the dollar limitation on employer-provided group term life insurance that can be excluded from the gross income of the employee. Introduced in House IH Short Titles as Introduced Group Term Life Insurance Increase Act of 2017 Introduced in House 2017-02-13T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr1012ih/xml/BILLS-115hr1012ih.xml 2017-02-13 Referred to the House Committee on Ways and Means. 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.