Amends the Internal Revenue Code to: (1) revise the definition of gross receipts applicable to tax-exempt small property and casualty insurance companies to include gross investment income; (2) increase to $1.971 million (from $1.2 million) the limitation on net written premiums for purposes of qualifying non-life insurance companies for alternative tax rates; and (3) adjust such increased limitation amount annually for inflation after 2006.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S9472)
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S9472)
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