CART Act of 2025

Hozzl · 2025-03-18T04:38:23Z

Explore the details of House Bill 1481 CART Act of 2025 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

3/18/2025, 4:38 AM

Summary of Bill HR 1481

Bill 119 HR 1481 aims to make changes to the Internal Revenue Code of 1986 in order to create a system for taxing catastrophic risk transfer companies. These companies are responsible for providing insurance coverage for catastrophic events, such as natural disasters or large-scale accidents. The purpose of this bill is to ensure that these companies have enough capital to cover potential losses from these events.

The bill proposes to establish a specific tax structure for these companies, which would help to ensure that they are financially stable and able to fulfill their obligations in the event of a catastrophic event. This tax system would be designed to generate revenue that could be used to cover losses in the event of a major disaster.

In addition to addressing the taxation of catastrophic risk transfer companies, the bill also includes provisions for other purposes related to insurance and risk management. These provisions are intended to improve the overall stability and effectiveness of the insurance industry, particularly in relation to catastrophic events. Overall, Bill 119 HR 1481 seeks to create a more robust and sustainable system for insuring against catastrophic risks, while also ensuring that companies in this sector are financially sound and able to meet their obligations.

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Current Status of Bill HR 1481

Bill HR 1481 is currently in the status of Bill Introduced since February 21, 2025. Bill HR 1481 was introduced during Congress 119 and was introduced to the House on February 21, 2025. Bill HR 1481's most recent activity was Referred to the Committee on Ways and Means, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of February 21, 2025

Bipartisan Support of Bill HR 1481

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Policy Area and Potential Impact of Bill HR 1481

Primary Policy Focus

Alternate Title(s) of Bill HR 1481

To amend the Internal Revenue Code of 1986 to establish a system for the taxation of catastrophic risk transfer companies to ensure sufficient capital to cover catastrophic insurance losses, and for other purposes.To amend the Internal Revenue Code of 1986 to establish a system for the taxation of catastrophic risk transfer companies to ensure sufficient capital to cover catastrophic insurance losses, and for other purposes.

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