H.R. 5646 (102nd): To amend the Internal Revenue Code of 1986 to provide for the treatment of not-for-profit residual market insurance companies under the alternative minimum tax and to repeal the taxable income limitation on the recognition of built-in gain of S corporations.

Introduced:
Jul 22, 1992 (102nd Congress, 1991–1992)
Sponsor:
Rep. Frank Guarini Jr. [D-NJ14]
Status:
Died (Reported by Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on July 27, 1992, in a previous session of Congress, but was not enacted.

Progress
Introduced Jul 22, 1992
Reported by Committee Jul 27, 1992
Cosponsors
none
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Summary

No summaries available.

Text

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Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

7/22/1992--Introduced.
Amends the Internal Revenue Code to allow an insurance company to use its alternative tax net operating loss deduction to offset 100 percent (currently, 90 percent) of alternative minimum taxable income, if such insurance company is created by a State or instrumentality thereof and is operated on a not-for-profit basis exclusively to provide coverage to individuals or businesses for high-risk needs where coverage is not otherwise available or affordable. Repeals the limitation that prevents an S corporation (small business corporation) from being taxed on built-in gains resulting from conversion from a C corporation to the extent such gains exceed the taxable income of the S corporation.

House Republican Conference Summary

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