summary
Introduced
06/23/2017
06/23/2017
In Committee
06/23/2017
06/23/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Group Term Life Insurance Increase Act This bill amends the Internal Revenue Code to increase the limit on the amount of employer-provided group term life insurance that an employee may exclude from his or her gross income for income tax purposes. Currently, an employee may exclude from gross income up to $50,000 of the cost of such insurance plus any amount paid by the employee for the purchase of such insurance. The bill increases the $50,000 limit to $375,000, and adjusts such increased limit for inflation in taxable years beginning after 2017.
AI Summary
This bill amends the Internal Revenue Code to increase the limit on the amount of employer-provided group term life insurance that an employee may exclude from their gross income for income tax purposes. Previously, an employee could exclude up to $50,000 of the cost of such insurance, plus any amount paid by the employee. The bill increases this limit to $375,000 and adjusts the increased limit for inflation in taxable years beginning after 2017. The amendments made by this bill apply to taxable years beginning after December 31, 2016.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to the House Committee on Ways and Means. (on 06/23/2017)
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/115th-congress/house-bill/3037/all-info |
| BillText | https://www.congress.gov/115/bills/hr3037/BILLS-115hr3037ih.pdf |
| Bill | https://www.congress.gov/115/bills/hr3037/BILLS-115hr3037ih.pdf.pdf |
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