Summary

S. 3594: A bill to amend the Internal Revenue Code of 1986 to increase the alternative tax liability limitation for small property and casualty insurance companies. Read More

Status

This bill was introduced on Sep 20, 2012, in a previous session of Congress, but was not passed.

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Bill Text

A BILL

To amend the Internal Revenue Code of 1986 to increase the alternative tax liability limitation for small property and casualty insurance companies.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. INCREASE IN LIMITATION FOR ALTERNATIVE TAX LIABILITY FOR SMALL PROPERTY AND CASUALTY INSURANCE COMPANIES.

(a) In General.--Clause (i) of section 831(b)(2)(A) of the Internal Revenue Code of 1986 is amended to read as follows: ``(i) the net written premiums (or, if greater, direct written premiums) for the taxable year do not exceed $2,025,000, and''. (b) Inflation Adjustment.--Paragraph (2) of section 831(b) of such Code is amended by adding at the end the following new subparagraph: ``(C) Inflation adjustment.--In the case of any taxable year beginning in a calendar year after 2012, the dollar amount set forth in subparagraph (A) shall be increased by an amount equal to-- ``(i) such dollar amount, multiplied by ``(ii) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year by substituting `calendar year 2011' for `calendar year 1992' in subparagraph (B) thereof. If the amount as adjusted under the preceding sentence is not a multiple of $1,000, such amount shall be rounded to the next lowest multiple of $1,000.''. (c) Effective Date.--The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act. <all>

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Bill Summary

S. 3594: A bill to amend the Internal Revenue Code of 1986 to increase the alternative tax liability limitation for small property and casualty insurance companies.

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54.158.152.212