US HB3139 | 2011-2012 | 112th Congress
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on October 6 2011 - 25% progression, died in committee
Action: 2011-10-06 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on October 6 2011 - 25% progression, died in committee
Action: 2011-10-06 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
District of Columbia National Disaster Insurance Protection Act - Amends the Internal Revenue Code to provide for the creation and tax treatment of a tax-exempt natural disaster protection fund held by an insurance company that: (1) is incorporated and domiciled in the District of Columbia; (2) is subject to supervision by the District of Columbia Commissioner of Insurance, Securities, and Banking; (3) maintains an office in the District of Columbia that employs no fewer than 10 full-time employees, at least 5 of whom are District of Columbia residents; (4) is subject to any premium taxes and other taxes and fees imposed by the District of Columbia on all domestic insurance companies; and (5) is subject to an additional tax imposed by the District of Columbia on premiums charged for natural catastrophic risk coverage at a rate that does not exceed the rate of federal excise tax on a premium paid on a contract of reinsurance issued by any foreign insurer or reinsurer. Allows distributions from such a fund to cover losses attributable to wind (including hurricanes and tornadoes), earthquakes, floods, tsunami or tidal wave, volcanic eruption, fire, hail, snow, ice freezing, or other winter catastrophes, or a pandemic or other public health catastrophe. Sets forth tax rules for contributions to and distributions from such a fund.
Title
District of Columbia National Disaster Insurance Protection Act
Sponsors
Rep. Eleanor Norton [D-DC] |
History
Date | Chamber | Action |
---|---|---|
2011-10-06 | House | Referred to the House Committee on Ways and Means. |
2011-10-06 | House | Sponsor introductory remarks on measure. (CR E1803) |
Subjects
Disaster relief and insurance
District of Columbia
Income tax exclusion
Insurance industry and regulation
Life, casualty, property insurance
Taxation
District of Columbia
Income tax exclusion
Insurance industry and regulation
Life, casualty, property insurance
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/112th-congress/house-bill/3139/all-info |
Text | https://www.congress.gov/112/bills/hr3139/BILLS-112hr3139ih.pdf |