A bill 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.

12/30/2022, 2:34 AM

Congressional Summary of S 3217

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.

Current Status of Bill S 3217

Bill S 3217 is currently in the status of Bill Introduced since November 17, 2021. Bill S 3217 was introduced during Congress 117 and was introduced to the Senate on November 17, 2021.  Bill S 3217's most recent activity was Read twice and referred to the Committee on Finance. as of November 17, 2021

Bipartisan Support of Bill S 3217

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
1
Democrat Cosponsors
0
Republican Cosponsors
1
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 3217

Primary Policy Focus

Taxation

Potential Impact Areas

Accounting and auditingCapital gains taxFinancial services and investmentsForeign and international corporationsSecuritiesTax administration and collection, taxpayersTaxation of foreign income

Alternate Title(s) of Bill S 3217

A bill 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.A bill 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.
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