Sec. 3512. Capitalization of certain policy acquisition expenses

127 words·~1 min read·/bill/113/hr/1/ih/section-3512

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Paragraph

(1)of section 848(c) is amended by striking subparagraphs (A), (B), and

(C)and inserting the following new subparagraphs: 5 percent of the net premiums for such taxable year on specified insurance contracts which are group contracts, and 12 percent of the net premiums for such taxable year on specified insurance contracts not described in subparagraph (A). . So much of paragraph

(2)of section 848(e) as precedes subparagraph

(A)thereof is amended to read as follows: The term group contract means any specified insurance contract— . Section 848(e) is amended by striking paragraphs

(3)and

(6)and by redesignating paragraphs

(4)and

(5)as paragraphs

(3)and (4), respectively. The amendments made by this section shall apply to taxable years beginning after December 31, 2014.