A bill to provide that the retroactive change in method of accounting for life insurance companies which is permitted by Revenue Procedure 78-6 may be made for certain closed taxable years.

Permits the retroactive change in accounting methods for life insurance companies which was authorized by a 1978 Internal Revenue Service Revenue Procedure to apply to taxable years prior to 1977 and to taxable years in which a life insurance company qualifies under certain provisions of the Internal Revenue Code. Provides that a retroactive change will be permitted for such taxable years if application is made within 90 days of the enactment of this Act.

Provides that refunds, credits, or deficiencies which result from a retroactive change of accounting methods for life insurance companies may be allowed or assessed within one year of the enactment of this Act.