summary
Introduced
04/01/2025
04/01/2025
In Committee
04/01/2025
04/01/2025
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to exclude debt held by certain insurance companies from capital assets and to extend capital loss carryovers for such companies from 5 years to 10 years.
AI Summary
This bill amends the Internal Revenue Code to make two key changes for certain insurance companies. First, it excludes debt instruments (such as notes, bonds, and debentures) held by applicable insurance companies from being classified as capital assets for tax purposes. An "applicable insurance company" is defined as most insurance companies, with specific exceptions for small insurance companies, foreign corporations, and certain specialized insurance organizations. Second, the bill extends the period for capital loss carryovers from 5 to 10 years for these applicable insurance companies, allowing them to offset future capital gains with capital losses incurred in previous years for a longer period. Both provisions would take effect for debt acquired or net capital losses arising after December 31, 2025. The bill is officially titled the "Secure Family Futures Act of 2025" and aims to provide tax relief and flexibility for insurance companies by modifying how their debt and capital losses are treated for tax reporting purposes.
Committee Categories
Budget and Finance
Sponsors (41)
Randy Feenstra (R)*,
Brendan Boyle (D),
Vern Buchanan (R),
Eric Burlison (R),
Emanuel Cleaver (D),
Danny Davis (D),
Suzan DelBene (D),
Ron Estes (R),
Scott Fitzgerald (R),
Brian Fitzpatrick (R),
Mike Flood (R),
Andrew Garbarino (R),
Ashley Hinson (R),
Mike Kelly (R),
Timothy Kennedy (D),
David Kustoff (R),
Darin LaHood (R),
John Larson (D),
Mike Lawler (R),
Ryan Mackenzie (R),
Nicole Malliotakis (R),
Richard McCormick (R),
Kristen McDonald Rivet (D),
Dan Meuser (R),
Max Miller (R),
Mariannette Miller-Meeks (R),
Blake Moore (R),
Gwen Moore (D),
Nathaniel Moran (R),
Joe Morelle (D),
Zach Nunn (R),
Jimmy Panetta (D),
Linda Sánchez (D),
Brad Schneider (D),
Terri Sewell (D),
Lloyd Smucker (R),
Tom Suozzi (D),
Claudia Tenney (R),
William Timmons (R),
Beth Van Duyne (R),
Rudy Yakym (R),
Last Action
Referred to the House Committee on Ways and Means. (on 04/01/2025)
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/119th-congress/house-bill/2547/all-info |
| BillText | https://www.congress.gov/119/bills/hr2547/BILLS-119hr2547ih.pdf |
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