All Group insurance Legislation - Federal Government

Latest Action: 01/10/2007 - Referred to the House Committee on Ways and Means.

Bill Text
To amend the Internal Revenue Code of 1986 to increase the dollar limitation on employer-provided group term life insurance that can be excluded from the gross income of the employee.

1/10/2007--Introduced.

Insuring Families for Their Future Act of 2007 - Amends the Internal Revenue Code to increase from $50,000 to $320,000 the amount of employer-provided group term life insurance that an employee can exclude from gross income. Indexes the $320,000 amount for inflation for taxable years beginning after 2007.

Latest Action: 01/04/2007 - Referred to the House Committee on Ways and Means.

Bill Text
To amend the Internal Revenue Code of 1986 to provide tax incentives for small businesses, and for other purposes.

1/4/2007--Introduced.

Small Business Tax Fairness and Simplification Act of 2007 - Amends the Internal Revenue Code to: (1) allow self-employed individuals to participate in cafeteria pension plans; (2) allow long-term care insurance under cafeteria plans and flexible spending arrangements; (3) allow accelerated amortization of certain intangible assets (e.g., good will) acquired from a small business; (4) increase the tax exclusion of gain from the sale of certain small business stock; (5) provide a $2,500 standard tax deduction for home business expenses; (6) permit certain small businesses to elect a taxable year ending in a month from April to November; (7) increase the allowable number of S corporation shareholders; and (8) exempt certain small businesses from withholding of tax requirements for payments made by government entities.