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Tax Rule Changes for Financial Guaranty Insurance Companies

This bill introduces special rules for foreign financial guaranty insurance companies to help them meet the requirements for qualifying as an insurance corporation. This aims to simplify tax accounting for these entities, which may indirectly affect financial market stability, but does not directly impact citizens' daily finances.
Key points
Easier qualification for foreign financial guaranty insurance companies as qualifying insurance corporations.
New rules for reporting reserves and financial exposure for these companies.
Requirement for individuals owning interests in certain non-publicly traded foreign corporations to report information.
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Status:
Expired
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Additional Information
Print number: 117_HR_4422
Sponsor: Rep. Moore, Gwen [D-WI-4]
Process start date: 2021-07-13
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

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.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_4422.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-07-13.

What are the main provisions?

Key points include:

  • Easier qualification for foreign financial guaranty insurance companies as qualifying insurance corporations.
  • New rules for reporting reserves and financial exposure for these companies.
  • Requirement for individuals owning interests in certain non-publicly traded foreign corporations to report information.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Moore, Gwen [D-WI-4].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Taxes Economy