United States 114th Congress Status: Died 1 R cosponsors

S 905 — An original bill to amend the Internal Revenue Code of 1986 to increase the limitation on eligibility for the alternative tax for certain small insurance companies.

Last action — Placed on Senate Legislative Calendar under General Orders. Calendar No. 39.

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  1. ✓
    Introduced
  2. Died in session

This bill died with 114th Congress. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

An original bill to amend the Internal Revenue Code of 1986 to increase the limitation on eligibility for the alternative tax for certain small insurance companies. (Sec. 1) This bill amends the Internal Revenue Code to expand the eligibility of certain small insurance companies (other than life insurance companies) for the alternative corporate income tax by increasing the premium limitation used to determine such eligibility to $2.2 million (from $1.2 million), with an annual inflation adjustment to such increased amount after 2015. This increase is applicable to taxable years beginning after the enactment of this Act. The Department of the Treasury must submit to the Senate Finance Committee by February 11, 2016, a report on the abuse of captive insurance companies for estate planning purposes, including legislative recommendations for addressing any such abuses. (Sec. 2) This bill also increases from 30% to 45% the rate of the continuous levy on payments made after 180 days after the enactment of this Act to Medicare providers and suppliers for unpaid taxes.

Bill Text

We don't have the full text on file for this bill yet.

Read S 905 on the official United States source →

Action History

  1. Placed on Senate Legislative Calendar under General Orders. Calendar No. 39.

  2. Committee on Finance. Original measure reported to Senate by Senator Hatch. With written report No. 114-16.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

Congressional oversight Debt collection Government studies and investigations Income tax rates Inflation and prices Insurance industry and regulation Small business Tax administration and collection, taxpayers Transfer and inheritance taxes Medicare Taxation
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Frequently asked questions

What does S 905 do?
An original bill to amend the Internal Revenue Code of 1986 to increase the limitation on eligibility for the alternative tax for certain small insurance companies. (Sec. 1) This bill amends the Internal Revenue Code to expand the eligibility of certain small insurance companies (other than life insurance companies) for the alternative corporate income tax by increasing the premium limitation used to determine such eligibility to $2.2 million (from $1.2 million), with an annual inflation adjustment to such increased amount after 2015. This increase is applicable to taxable years beginning after the enactment of this Act. The Department of the Treasury must submit to the Senate Finance Committee by February 11, 2016, a report on the abuse of captive insurance companies for estate planning purposes, including legislative recommendations for addressing any such abuses. (Sec. 2) This bill also increases from 30% to 45% the rate of the continuous levy on payments made after 180 days after the enactment of this Act to Medicare providers and suppliers for unpaid taxes.
Who sponsors S 905?
S 905 is sponsored by Orrin Hatch (R).
What is the current status of S 905?
This bill died with 114th Congress. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track S 905?
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