Bill > HR2547

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.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/2547/all-info