HB5707: Secure Family Futures Act of 2023
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
To amend the Internal Revenue Code of 1986 to exclude debt held by certain insurance companies from capital assets.
Plain-language summary
The Secure Family Futures Act of 2023 proposes changing the tax code to exclude certain debt held by insurance companies from being treated as capital assets. Capital assets are property or investments that can be bought and sold, and their tax treatment affects how gains or losses are taxed. Currently, insurance companies must treat certain debt they own as capital assets for tax purposes. This bill would carve out an exception for specific types of debt. The bill is currently in the early stage after being introduced in Congress.
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HB5707: Secure Family Futures Act of 2023
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Sponsors
Randy Feenstra
Primary SponsorCo-sponsors (19)
Terri Sewell
Claudia Tenney
Jimmy Panetta
Bill Pascrell
Brian Fitzpatrick