• Proposed Neal Bill Reintroduced to Limit Deductibility of Offshore Related Insurance Premiums
  • August 11, 2009
  • Law Firm: Sutherland Asbill & Brennan LLP - Washington Office
  • On Thursday, July 30, Congressman Richard E. Neal, Chairman of the Subcommittee on Select Revenue Measures, re-introduced a bill in the U.S. House of Representatives that would disallow any deduction to Covered Insurance Companies for Affiliated Nontaxed Reinsurance Premiums paid to affiliated insurance companies that are not subject, directly or indirectly under the Subpart F rules, to U.S. income taxation (2009 Neal Bill). The 2009 Neal Bill has a proposed effective date for taxable years beginning after December 31, 2009.