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H.R. 3037: Group Term Life Insurance Increase Act

The text of the bill below is as of Jun 23, 2017 (Introduced).

Source: GPO



1st Session

H. R. 3037


June 23, 2017

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


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.


Short title

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


Increase in limitation on exclusion for employer-provided group term life insurance purchased for employees


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.


Inflation adjustment

Section 79 of such Code is amended by adding at the end the following new subsection:


Inflation adjustment


In general

In the case of any taxable year beginning after 2017, the $375,000 amount under subsection (a)(1) shall be increased by an amount equal to—


such dollar amount, multiplied by


the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting 2016 for 1992 in subparagraph (B) thereof.



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.



Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2016.