• Potential Impact of the Tax Reform Act of 2014 on Insurance Companies
  • March 10, 2014 | Authors: Dennis L. Allen; Thomas A. Gick; Jerome B. Libin; Jeffrey H. Mace; Michael R. Miles
  • Law Firms: Sutherland Asbill & Brennan LLP - Washington Office ; Sutherland Asbill & Brennan LLP - New York Office ; Sutherland Asbill & Brennan LLP - Washington Office
  • On February 26, House Ways and Means Committee Chairman Dave Camp (R-Mich.) released a “Discussion Draft” of the Tax Reform Act of 2014, which sets forth his much-anticipated tax reform proposals. Of note, the Discussion Draft aims to transition the corporate tax rate to a flat 25% rate beginning in 2019 and to repeal the corporate alternative minimum tax. However, as part of the revenue raisers for these proposed changes, the Discussion Draft includes a number of proposals that target insurance companies or that otherwise would have a direct effect on them. In particular, those proposals would: