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

8/21/2024, 1:26 AM

Summary of Bill S 4740

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.

Current Status of Bill S 4740

Bill S 4740 is currently in the status of Bill Introduced since July 23, 2024. Bill S 4740 was introduced during Congress 118 and was introduced to the Senate on July 23, 2024.  Bill S 4740's most recent activity was Read twice and referred to the Committee on Finance. as of July 23, 2024

Bipartisan Support of Bill S 4740

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
2
Democrat Cosponsors
2
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 4740

Primary Policy Focus

Alternate Title(s) of Bill S 4740

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

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