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Tax Rule Changes for Financial Guaranty Insurance Companies.

This bill introduces new rules for how foreign financial guaranty insurance companies are treated under U.S. tax law. It aims to make it easier for them to meet requirements so they are not classified as "passive foreign investment companies," which can impact their operations and financial stability. For citizens, this could mean greater stability in the financial insurance market, indirectly affecting the security of investments and bonds.
Key points
Simplifies U.S. tax compliance for foreign financial guaranty insurance companies.
New rules for reserves and financial exposure to avoid unfavorable tax classification.
Reporting requirements for U.S. persons owning interests in certain non-publicly traded foreign corporations.
Changes apply to tax years beginning after December 31, 2024, with some exceptions for prior periods.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_2567
Sponsor: Rep. Moore, Gwen [D-WI-4]
Process start date: 2025-04-01
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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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 119_HR_2567.

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 2025-04-01.

What are the main provisions?

Key points include:

  • Simplifies U.S. tax compliance for foreign financial guaranty insurance companies.
  • New rules for reserves and financial exposure to avoid unfavorable tax classification.
  • Reporting requirements for U.S. persons owning interests in certain non-publicly traded foreign corporations.
  • Changes apply to tax years beginning after December 31, 2024, with some exceptions for prior periods.
What is the specific legal status?

The current status is Introduced.

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 2025-12-22.

CATEGORIES

Taxes Economy