arrow_back Back to App

Tax Rules Update: Easing Compliance for Foreign Financial Guaranty Insurers.

This bill amends tax law to create specific rules for foreign insurance companies that guarantee financial products, such as municipal bonds. The goal is to help these companies qualify for an exemption from strict U.S. taxes imposed on passive foreign investment companies. While primarily affecting corporate taxation, these changes support the regulatory framework for the financial guaranty market.
Key points
Foreign financial guaranty insurers can now more easily qualify as exempt corporations, potentially reducing their U.S. tax burden and compliance complexity.
New reporting requirements are established for U.S. investors who own interests in certain non-publicly traded foreign corporations claiming tax exemptions.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_S_1787
Sponsor: Sen. Menendez, Robert [D-NJ]
Process start date: 2023-06-01
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

A bill 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 118_S_1787.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-06-01.

What are the main provisions?

Key points include:

  • Foreign financial guaranty insurers can now more easily qualify as exempt corporations, potentially reducing their U.S. tax burden and compliance complexity.
  • New reporting requirements are established for U.S. investors who own interests in certain non-publicly traded foreign corporations claiming tax exemptions.
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 Sen. Menendez, Robert [D-NJ].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Taxes Economy