A bill to amend the Internal Revenue Code of 1986 to exclude debt held by certain insurance companies from capital assets.

Bill 118 s 4740 is a proposed piece of legislation that aims to make changes to the Internal Revenue Code of 1986. Specifically, the bill seeks to exclude debt held by certain insurance companies from being considered as capital assets.

The main purpose of this bill is to provide relief to insurance companies by allowing them to exclude certain types of debt from their capital assets. This exclusion would likely have an impact on how these companies are taxed and could potentially result in lower tax liabilities for them.

Overall, the goal of Bill 118 s 4740 is to provide financial benefits to insurance companies by adjusting how their debt is treated for tax purposes. This could potentially help these companies operate more efficiently and effectively in the long run.