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.
Amends the Internal Revenue Code, with respect to the tax treatment of certain life insurance contract transactions, to require reporting to the Internal Revenue Service (IRS) of:
(1) information identifying persons who acquire a life insurance contract, or any interest therein, in a reportable policy sale;
(2) information identifying a seller who transfers an interest in a life insurance contract and the seller's investment in the contract; and
(3) reportable death benefit payments.
Requires a basis adjustment for mortality, expense, or other reasonable charges incurred under an annuity or life insurance contract.
Exempts from rules limiting the exclusion from gross income of life insurance death benefit amounts any amounts realized from the transfer of a life insurance contract, or any interest therein, that is a reportable policy sale.
Defines "reportable policy sale" as the acquisition of an interest in a life insurance contract, directly or indirectly, if the acquirer has no substantial family, business, or financial relationship with the insured apart from the acquirer's interest in such life insurance contract.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.