To amend the Internal Revenue Code of 1986 to provide special rules for purposes of determining if financial guaranty insurance companies are qualifying insurance corporations under the passive foreign investment company rules.
12/31/2022, 5:07 AMSummary of Bill HR 4422
Bill 117 hr 4422, titled "To amend the Internal Revenue Code of 1986 to provide special rules for purposes of determining if financial guaranty insurance companies are qualifying insurance corporations under the passive foreign investment company rules," aims to make changes to the tax laws regarding financial guaranty insurance companies.The bill specifically focuses on the classification of financial guaranty insurance companies as qualifying insurance corporations under the passive foreign investment company rules. These rules determine how certain foreign investments are taxed for US taxpayers.
If passed, the bill would establish special rules for financial guaranty insurance companies to determine their status as qualifying insurance corporations. This could potentially impact how these companies are taxed and could have implications for their operations and financial reporting. Overall, the bill seeks to address specific tax considerations for financial guaranty insurance companies and ensure that they are treated appropriately under the passive foreign investment company rules. It is important to monitor the progress of this bill as it moves through the legislative process to understand its potential impact on the insurance industry and tax policy.
Congressional Summary of HR 4422
This bill sets forth special tax rules for determining whether financial guaranty insurance companies are qualifying insurance corporations under the passive foreign investment company rules.
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Current Status of Bill HR 4422
Bill HR 4422 is currently in the status of Bill Introduced since July 13, 2021. Bill HR 4422 was introduced during Congress 117 and was introduced to the House on July 13, 2021. Bill HR 4422's most recent activity was Referred to the House Committee on Ways and Means. as of July 13, 2021Bipartisan Support of Bill HR 4422
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
10Democrat Cosponsors
8Republican Cosponsors
2Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 4422
Primary Policy Focus
TaxationPotential Impact Areas
Accounting and auditingCapital gains taxFinancial services and investmentsForeign and international corporationsSecuritiesTax administration and collection, taxpayersTaxation of foreign incomeAlternate Title(s) of Bill HR 4422
To amend the Internal Revenue Code of 1986 to provide special rules for purposes of determining if financial guaranty insurance companies are qualifying insurance corporations under the passive foreign investment company rules.To amend the Internal Revenue Code of 1986 to provide special rules for purposes of determining if financial guaranty insurance companies are qualifying insurance corporations under the passive foreign investment company rules.Comments
Most relevant
Sponsors and Cosponsors of HR 4422
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