Congress eyes tax law changes.

National Underwriter Property & Casualty-Risk & Benefits Management, March, 1990 by Brostoff, Steven

Congress Eyes Tax Law Changes WASHINGTON--A House Ways and Means subcommittee is considering several proposals which would affect the way small property and casualty companies and foreign insurance companies are taxed in the United States. The proposal affecting small companies would allow an insurer that elects to be taxed on its taxable investment income to determine its alternative minimum tax liability without regard to underwriting income and expenses.

Regarding foreign insurance companies, the subcommittee is considering technical changes to Section 842 of the tax code. Currently, Section 842 says that foreign insurance companies are subject to taxation on (a) their net underwriting income and (b) the greater of their net investment income...

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