[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4740 Introduced in Senate (IS)]

<DOC>






118th CONGRESS
  2d Session
                                S. 4740

  To amend the Internal Revenue Code of 1986 to exclude debt held by 
            certain insurance companies from capital assets.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 23, 2024

 Mr. Tillis (for himself and Mr. Casey) 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 exclude debt held by 
            certain insurance companies from capital assets.

    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 ``Secure Family Futures Act of 2024''.

SEC. 2. DEBT NOT TREATED AS CAPITAL ASSET FOR APPLICABLE INSURANCE 
              COMPANIES.

    (a) Exclusion From Capital Assets.--Section 1221(a) of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking ``or'' at the end of paragraph (7);
            (2) by striking the period at the end of paragraph (8) and 
        inserting ``; or''; and
            (3) by adding at the end the following new paragraph:
            ``(9) any note, bond, debenture, or other evidence of 
        indebtedness held by an applicable insurance company.''.
    (b) Applicable Insurance Company Defined.--Section 1221(b) of such 
Code is amended--
            (1) by redesignating paragraph (4) as paragraph (5); and
            (2) by inserting after paragraph (3) the following new 
        paragraph:
            ``(4) Applicable insurance company.--For purposes of 
        subsection (a)(9), the term `applicable insurance company' 
        means, with respect to any taxable year--
                    ``(A) any insurance company other than an insurance 
                company--
                            ``(i) with respect to which an election is 
                        in effect under section 831(b)(2)(A)(iii) or 
                        835(a) for such taxable year,
                            ``(ii) which is a foreign corporation 
                        described in section 842, or
                            ``(iii) which is an organization to which 
                        section 833 applies for such taxable year, or
                    ``(B) a face-amount certificate company registered 
                under the Investment Company Act of 1940.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to dispositions after the date of enactment of this section.
    (d) Transition Rule.--For taxable years beginning after the date of 
the enactment of this section, a taxpayer may treat a capital loss 
carryover properly attributable to the disposition of an asset 
described in section 1221(a)(9) of the Internal Revenue Code of 1986 
(as added by subsection (a)) prior to such date as a net operating loss 
carryover.
                                 <all>