House Bill 195
117th Congress(2021-2022)
Group Term Life Insurance Increase Act
Introduced
Introduced in House on Jan 5, 2021
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
195
Congress
117
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
No House votes have been held for this bill.
Summary
Group Term Life Insurance Increase Act
This bill increases the limit on the amount of employer-provided group term life insurance that an employee may exclude from gross income for income tax purposes. Currently, an employee may exclude from gross income up to $50,000 of the cost of such insurance plus any amount paid by the employee for the purchase of such insurance. The bill increases the $50,000 limit to $375,000, and adjusts such increased limit for inflation in taxable years beginning after 2021.
January 5, 2021
01/05/2021
Referred to the House Committee on Ways and Means.
01/05/2021
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:43:40 PM