[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. 1106 Introduced in Senate (IS)]







104th CONGRESS
  1st Session
                                S. 1106

    To amend the Internal Revenue Code of 1986 to provide the same 
insurance reserve treatment to financial guaranty insurance as applies 
   to mortgage guaranty insurance, lease guaranty insurance, and tax-
                         exempt bond insurance.


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                   IN THE SENATE OF THE UNITED STATES

               August 2 (legislative day, July 10), 1995

  Mr. D'Amato (for himself and Mr. Moynihan) introduced the following 
  bill; which was read twice and referred to the Committee on Finance

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                                 A BILL


 
    To amend the Internal Revenue Code of 1986 to provide the same 
insurance reserve treatment to financial guaranty insurance as applies 
   to mortgage guaranty insurance, lease guaranty insurance, and tax-
                         exempt bond insurance.
    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INSURANCE RESERVE RULES FOR FINANCIAL GUARANTY INSURANCE.

    (a) In General.--Section 832(e)(6) of the Internal Revenue Code of 
1986 is amended--
            (1) by inserting ``or a company which writes financial 
        guaranty insurance'' after ``section 103'' in the first 
        sentence, and
            (2) in the second sentence--
                    (A) by inserting ``and to financial guaranty 
                insurance'' after ``section 103,'',
                    (B) by inserting ``financial guaranty insurance or 
                '' after ``in the case of'', and
                    (C) by inserting ``such financial guaranty or'' 
                after ``revenues related to''.
    (b) Conforming Amendment.--The heading for section 832(e)(6) of 
such Code is amended by inserting ``; financial guaranty insurance'' 
after ``obligations''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1995.
                                 <all>