[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 195 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 195

   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.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 5, 2021

 Mr. Burgess introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
   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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Group Term Life Insurance Increase 
Act''.

SEC. 2. INCREASE IN LIMITATION ON EXCLUSION FOR EMPLOYER-PROVIDED GROUP 
              TERM LIFE INSURANCE PURCHASED FOR EMPLOYEES.

    (a) In General.--Paragraph (1) of section 79(a) of the Internal 
Revenue Code of 1986 is amended by striking ``$50,000'' and inserting 
``$375,000''.
    (b) Inflation Adjustment.--Section 79 of such Code is amended by 
adding at the end the following new subsection:
    ``(g) Inflation Adjustment.--
            ``(1) In general.--In the case of any taxable year 
        beginning after 2021, the $375,000 amount under subsection 
        (a)(1) shall be increased by an amount equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment determined 
                under section 1(f)(3) for the calendar year in which 
                the taxable year begins, determined by substituting 
                `2020' for `2016' in subparagraph (A)(ii) thereof.
            ``(2) Rounding.--If any amount as adjusted under paragraph 
        (1) is not a multiple of $10,000, such amount shall be rounded 
        to the nearest multiple of $10,000.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2020.
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