An Act to amend section 815 of the Internal Revenue Code to allow a life insurance company to disregard (for purposes of that section) a distribution during the last month of its taxable year, determined to have been made out of the policyholders surplus account, if such distribution is returned to the company not later than the due date for filing its income tax return (including extensions thereof) for that year, and for other purposes

by
This is a Non Profit Project. We don't collect personal data and we don't use cookies.

Contents

An Act to amend section 815 of the Internal Revenue Code to allow a life insurance company to disregard (for purposes of that section) a distribution during the last month of its taxable year, determined to have been made out of the policyholders surplus account, if such distribution is returned to the company not later than the due date for filing its income tax return (including extensions thereof) for that year, and for other purposes

An Act to amend section 815 of the Internal Revenue Code to allow a life insurance company to disregard (for purposes of that section) a distribution during the last month of its taxable year, determined to have been made out of the policyholders surplus account, if such distribution is returned to the company not later than the due date for filing its income tax return (including extensions thereof) for that year, and for other purposes

Act Details

An Act to amend section 815 of the Internal Revenue Code to allow a life insurance company to disregard (for purposes of that section) a distribution during the last month of its taxable year, determined to have been made out of the policyholders surplus account, if such distribution is returned to the company not later than the due date for filing its income tax return (including extensions thereof) for that year, and for other purposes was, as a bill, a proposal (now, a piece of legislation) introduced on 1975-10-06 in the House of Commons and Senate respectively of the 94 United States Congress by Joe Waggoner in relation with: Business and commerce, Business income tax, Corporations, Income tax, Insurance, Life insurance, Social welfare, Supplemental security income program, Taxation.

An Act to amend section 815 of the Internal Revenue Code to allow a life insurance company to disregard (for purposes of that section) a distribution during the last month of its taxable year, determined to have been made out of the policyholders surplus account, if such distribution is returned to the company not later than the due date for filing its income tax return (including extensions thereof) for that year, and for other purposes became law (1) in the United States on 1976-06-30

It was referred to the following Committee(s): (2)

House Ways and Means (HSWM)

Act Overview

  • Number: 10051 (3)
  • Official Title as Introduced: An Act to amend section 815 of the Internal Revenue Code to allow a life insurance company to disregard (for purposes of that section) a distribution during the last month of its taxable year, determined to have been made out of the policyholders surplus account, if such distribution is returned to the company not later than the due date for filing its income tax return (including extensions thereof) for that year, and for other purposes (4)
  • Date First Introduced: 1975-10-06
  • Sponsor Name: Joe Waggoner
  • Assignment Process: See Committe Assignments (5)
  • Latest Major Activity/Action: Enacted
  • Date Enacted (signed, in general (6), by President): 1976-06-30
  • Type: hr (7)
  • Main Topic: Taxation
  • Summary of An Act to amend section 815 of the Internal Revenue Code to allow a life insurance company to disregard (for purposes of that section) a distribution during the last month of its taxable year, determined to have been made out of the policyholders surplus account, if such distribution is returned to the company not later than the due date for filing its income tax return (including extensions thereof) for that year, and for other purposes: Govtrack. Authored by the Congressional Research Service (CRS) of the Library of Congress.
  • Primary Source: Congress Website

Text of the An Act to amend section 815 of the Internal Revenue Code to allow a life insurance company to disregard (for purposes of that section) a distribution during the last month of its taxable year, determined to have been made out of the policyholders surplus account, if such distribution is returned to the company not later than the due date for filing its income tax return (including extensions thereof) for that year, and for other purposes

(Measure passed Senate amended) Provides under the Internal Revenue Code that a life insurance company may disregard a distribution during the last month of its taxable year determined to have been made out of the policyholders surplus account if such distribution is returned to the company not later than the due date for filing its income tax return (including extensions thereof) for that year. Provides that this Act shall not affect the tax treatment of the receipt of the distribution by any shareholder and the basis to a shareholder of his stock in the taxpayer shall not be increased by reason of amounts returned under this Act. Extends through September 1 1976 the existing withholding tax rates. Amends the Social Security Act to provide that Supplemental Security Income recipients who leave their households because of a major disaster will not have their benefits reduced by one-third. Excludes from countable income under the Supplemental Security Income program assistance received under the Disaster Relief Act of 1974 or other assistance under a major disaster declared by the President.

Act Notes

  • [Note 1] An Act (like An Act to amend section 815 of the Internal Revenue Code to allow a life insurance company to disregard (for purposes of that section) a distribution during the last month of its taxable year, determined to have been made out of the policyholders surplus account, if such distribution is returned to the company not later than the due date for filing its income tax return (including extensions thereof) for that year, and for other purposes) or a resolution cannot become a law in the United States until it has been approved (passed) in identical form by both the House of Representatives and the Senate, as well as signed by the President (but see (5)). If the two bodys of the Congress versions of an Act are not identical, one of the bodies might decide to take a further vote to adopt the bill (see more about the Congress process here). An Act may be pass in identical form with or without amendments and with or without conference. (see more about Enrollment).
  • [Note 2] Proposals are referred to committees for preliminary consideration, then debated, amended, and passed (or rejected) by the full House or Senate. To prevent endless shuttling of bills between the House and Senate, bills like An Act to amend section 815 of the Internal Revenue Code to allow a life insurance company to disregard (for purposes of that section) a distribution during the last month of its taxable year, determined to have been made out of the policyholders surplus account, if such distribution is returned to the company not later than the due date for filing its income tax return (including extensions thereof) for that year, and for other purposes are referred to joint committees made up of members of both houses.
  • [Note 3] For more information regarding this legislative proposal, go to THOMAS, select “Bill Number,” search on (An Act to amend section 815 of the Internal Revenue Code to allow a life insurance company to disregard (for purposes of that section) a distribution during the last month of its taxable year, determined to have been made out of the policyholders surplus account, if such distribution is returned to the company not later than the due date for filing its income tax return (including extensions thereof) for that year, and for other purposes)
  • [Note 4] An Act to amend section 815 of the Internal Revenue Code to allow a life insurance company to disregard (for purposes of that section) a distribution during the last month of its taxable year, determined to have been made out of the policyholders surplus account, if such distribution is returned to the company not later than the due date for filing its income tax return (including extensions thereof) for that year, and for other purposes. The current official title of a bill is always present, assigned at introduction (for example, in this case, on 1975-10-06) and can be revised any time. This type of titles are sentences.
  • [Note 5] The Act is referred to the appropriate committee by the Speaker of any of the two Houses. Bills are placed on the calendar of the committee to which they have been assigned. See Assignment Process.
  • [Note 6] Regarding exceptions to President´s approval, a bill that is not signed (returned unsigned) by the President can still become law if at lest two thirds of each of the two bodys of the Congress votes to pass it, which is an infrequent case. See also Presidential Veto.
  • [Note 7] Legislative Proposal types can be: hr, hres, hjres, hconres, s, sres, sjres, sconres. A bill originating in the Senate is designated by the letter “S”, and a bill originating from the House of Representatives begins with “H.R.”, followed, in both cases, by its individual number which it retains throughout all its parliamentary process.
  • [Note 8] For information regarding related bill/s to An Act to amend section 815 of the Internal Revenue Code to allow a life insurance company to disregard (for purposes of that section) a distribution during the last month of its taxable year, determined to have been made out of the policyholders surplus account, if such distribution is returned to the company not later than the due date for filing its income tax return (including extensions thereof) for that year, and for other purposes, go to THOMAS.

Analysis

No analysis (criticism, advocacy, etc.) about An Act to amend section 815 of the Internal Revenue Code to allow a life insurance company to disregard (for purposes of that section) a distribution during the last month of its taxable year, determined to have been made out of the policyholders surplus account, if such distribution is returned to the company not later than the due date for filing its income tax return (including extensions thereof) for that year, and for other purposes submitted yet.

Business and commerce
Business income tax
Corporations
Income tax
Insurance
Life insurance
Social welfare
Supplemental security income program
Taxation

Further Reading

  • “How our laws are made”, Edward F Willett; Jack Brooks, Washington, U.S. G.P.O.
  • “To make all laws : the Congress of the United States, 1789-1989”, James H Hutson- Washington, Library of Congress.
  • “Bills introduced and laws enacted: selected legislative statistics, 1947-1990”, Rozanne M Barry; Library of Congress. Congressional Research Service.

Related pieces of legislation:

  1. An Act to amend section 584 of the Internal Revenue Code of 1954 with respect to the treatment of affiliated banks for purposes of the common trust fund provisions of such code
  2. Dealer Reserve Income Adjustment Act Of 1960
  3. An Act to amend the Internal Revenue Code of 1986 to rename the education individual retirement accounts as the Coverdell education savings account
  4. Surplus Lines Insurance Act
  5. An Act to amend the Internal Revenue Code of 1954 with respect to the tax treatment of social clubs and certain other membership organizations, to provide for a study of tax incentives for recycling, and for other purposes
  6. An Act to amend section 512(b) (5) of the Internal Revenue Code of 1954 with respect to the tax treatment of the gain on the lapse of options to buy or sell securities
  7. An Act to amend section 5051 of the Internal Revenue Code of 1954 (relating to the Federal excise tax on beer)
  8. Metropolitan Revenue Distribution Act
  9. An Act relating to the year for including in income payments under the Agricultural Act of 1949 received in 1978 but attributable to 1977, and to extend for one year the existing treatment of State legislators' travel expenses away from home
  10. An Act to amend section 1113 of the Social Security Act to make permanent the program of temporary assistance for United States citizens returned from abroad, subject to specific limitations on the aggregate dollar amount of such assistance which may be provided and on the period for which such assistance may be furnished in any particular case, and for other purposes
  11. Presidential Election Campaign Fund Act Of 1966
  12. Low-Income Housing Preservation And Resident Homeownership Act Of 1990
  13. An Act to amend chapter 21 of the Internal Revenue Code of 1954 and title II of the Social Security Act to provide that the payment of social security taxes by a nonprofit organization with respect to its employees shall constitute (for both tax and benefit purposes) a constructive filing by such organization of the certificate otherwise required to provide social security coverage for such employees if it has not received a refund or credit of such taxes, and to require the filing of such a certificate by any nonprofit organization which paid such taxes but received a refund or credit because it had not previously filed such certificate
  14. An Act to make permanent the existing temporary authority for reimbursement of States for interim assistance payments under title XVI of the Social Security Act, to extend for 1 year the eligibility of supplemental security income recipients for food stamps, and to extend for 1 year the period during which payments may be made to States for child support collection services under part D of title IV of such act
  15. An Act for the relief of Mrs. Kazuko Scillion
  16. An Act to change certain income tax provisions of the Internal Revenue Code of 1954, and for other purposes
  17. An Act to amend the Internal Revenue Code of 1954 to provide for a distribution deduction for certain cemetery perpetual care fund, to modify the effective dates of certain provision of the Tax Reform Act of 1976, and for other purposes
  18. An Act to improve judicial machinery by amending the requirement for a three-judge court in certain cases, and for other purposes
  19. Income Tax Return Act
  20. An Act to amend the Trademark Act to extend the time for filing oppositions, to eliminate the requirement for filing reasons of appeal in the Patent Office, and to provide for awarding attorneys fees

Leave a Comment