To amend the Internal Revenue Code of 1986 to provide that an organization shall be exempt from income tax if it is created by a State to provide property and casualty insurance coverage for property for which such coverage is otherwise unavailable.
The source supplies the latest action, but no lifecycle stage.
Latest action (30 Jul 1998): Referred to the House Committee on Ways and Means.
What this bill does
This bill proposes amending the Internal Revenue Code to allow organizations created by a state to be exempt from federal income tax. These organizations would be specifically for providing property and casualty insurance. The exemption would apply if coverage is otherwise unavailable or limited at reasonable rates for property within that state.
The bill would affect state-created insurance providers that offer coverage for hard-to-insure properties. It would also affect individuals or businesses in those states who currently struggle to obtain such insurance. Organizations would need to meet specific criteria, including operating exclusively for insurance purposes, having state-approved plans, and ensuring no private earnings benefit individuals.
H.R. 4361 was introduced in the House of Representatives in July 1998 and referred to the Committee on Ways and Means. As it was introduced in 1998, it did not pass in that legislative session. The bill has not moved forward since its introduction.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Amends the Internal Revenue Code to exempt an organization from income tax if it is created by a State to provide property and casualty insurance coverage for property for which such coverage is otherwise unavailable.
Timeline
30 Jul 1998
Referred to the House Committee on Ways and Means.
Common questions
- What does H.R. 4361 do?
- This bill proposes amending the Internal Revenue Code to allow organizations created by a state to be exempt from federal income tax. These organizations would be specifically for providing property and casualty insurance. The exemption would apply if coverage is otherwise unavailable or limited at reasonable rates for property within that state. The bill would affect state-created insurance providers that offer coverage for hard-to-insure properties. It would also affect individuals or businesses in those states who currently struggle to obtain such insurance. Organizations would need to meet specific criteria, including operating exclusively for insurance purposes, having state-approved plans, and ensuring no private earnings benefit individuals. H.R. 4361 was introduced in the House of Representatives in July 1998 and referred to the Committee on Ways and Means. As it was introduced in 1998, it did not pass in that legislative session. The bill has not moved forward since its introduction.
- Has H.R. 4361 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 4361. Check the latest action and official source below.
- Who sponsored H.R. 4361?
- H.R. 4361 was sponsored by Rep. Shaw, E. Clay, Jr. [R-FL-22] (R-FL), with 17 cosponsors.
- What's the latest action on H.R. 4361?
- Referred to the House Committee on Ways and Means. (30 Jul 1998).
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