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.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
The bill requires treatment of financial guaranty insurance companies as qualifying insurance corporations under passive foreign investment company rules Section 1297(f)(3) of the Internal Revenue Code of 1986 is amended. It relies on definition changes, tax rate changes, reporting requirements, and compliance mandates. The main policy areas are Finance, Environmental Groups, and Environment.
Who Benefits and How
Financial services firms and customers affected by the bill could face lower compliance burdens, Environmental and public health interests affected by the bill could face lower compliance burdens, and Businesses and employers affected by the bill could face lower compliance burdens.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties.
Key Provisions
- Requires treatment of financial guaranty insurance companies as qualifying insurance corporations under passive foreign investment company rules Section 1297(f)(3) of the Internal Revenue Code of 1986 is amended...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill requires treatment of financial guaranty insurance companies as qualifying insurance corporations under passive foreign investment company rules Section 1297(f)(3) of the Internal Revenue Code of 1986 is amended.
Key Policy Areas
Finance, Environmental Groups, Environment
Primary Purpose
The bill requires treatment of financial guaranty insurance companies as qualifying insurance corporations under passive foreign investment company rules Section 1297(f)(3) of the Internal Revenue Code of 1986 is amended.
Policy Domains
Whole bill
Identified Gains
- Financial services firms and customers affected by the bill
- Environmental and public health interests affected by the bill
- Businesses and employers affected by the bill
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
Sponsors
Gwen Moore
D-WI | Primary Sponsor
Legislative Progress
IntroducedMs. Moore of Wisconsin (for herself and Mr. Smith of …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
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