Bill
Bill > HR4422
US HR4422
US HR4422To amend the Internal Revenue Code of 1986 to provide special rules for purposes of determining if financial guaranty insurance companies are qualifying insurance corporations under the passive foreign investment company rules.
summary
Introduced
07/13/2021
07/13/2021
In Committee
07/13/2021
07/13/2021
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to provide special rules for purposes of determining if financial guaranty insurance companies are qualifying insurance corporations under the passive foreign investment com- pany rules.
AI Summary
This bill amends the Internal Revenue Code of 1986 to provide special rules for determining if financial guaranty insurance companies are qualifying insurance corporations under the passive foreign investment company (PFIC) rules. Specifically, it allows the applicable insurance liabilities of a financial guaranty insurance company to include its unearned premium reserves, even if the company is prohibited from reporting reserves for losses and loss adjustment expenses except to the extent losses are expected to exceed the unearned premium reserves. The bill also requires certain reporting by U.S. persons who own interests in specified non-publicly traded foreign corporations that they claim are not PFICs.
Committee Categories
Budget and Finance
Sponsors (6)
Gwen Moore (D)*,
Lloyd Doggett (D),
Dan Kildee (D),
Stacey Plaskett (D),
Terri Sewell (D),
Adrian Smith (R),
Last Action
Referred to the House Committee on Ways and Means. (on 07/13/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/house-bill/4422/all-info |
| BillText | https://www.congress.gov/117/bills/hr4422/BILLS-117hr4422ih.pdf |
| Bill | https://www.congress.gov/117/bills/hr4422/BILLS-117hr4422ih.pdf.pdf |
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