[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 3594 Introduced in Senate (IS)]

112th CONGRESS
  2d Session
                                S. 3594

To amend the Internal Revenue Code of 1986 to increase the alternative 
  tax liability limitation for small property and casualty insurance 
                               companies.


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                   IN THE SENATE OF THE UNITED STATES

                           September 20, 2012

    Mr. Harkin (for himself, Mr. Grassley, Mr. Rockefeller, and Ms. 
  Klobuchar) introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to increase the alternative 
  tax liability limitation for small property and casualty insurance 
                               companies.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INCREASE IN LIMITATION FOR ALTERNATIVE TAX LIABILITY FOR 
              SMALL PROPERTY AND CASUALTY INSURANCE COMPANIES.

    (a) In General.--Clause (i) of section 831(b)(2)(A) of the Internal 
Revenue Code of 1986 is amended to read as follows:
                            ``(i) the net written premiums (or, if 
                        greater, direct written premiums) for the 
                        taxable year do not exceed $2,025,000, and''.
    (b) Inflation Adjustment.--Paragraph (2) of section 831(b) of such 
Code is amended by adding at the end the following new subparagraph:
                    ``(C) Inflation adjustment.--In the case of any 
                taxable year beginning in a calendar year after 2012, 
                the dollar amount set forth in subparagraph (A) shall 
                be increased by an amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for such 
                        calendar year by substituting `calendar year 
                        2011' for `calendar year 1992' in subparagraph 
                        (B) thereof.
                If the amount as adjusted under the preceding sentence 
                is not a multiple of $1,000, such amount shall be 
                rounded to the next lowest multiple of $1,000.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
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