H.R.2547 - Secure Family Futures Act of 2025 (119th Congress)
Summary
H.R.2547, the Secure Family Futures Act of 2025, aims to amend the Internal Revenue Code of 1986 by altering the treatment of debt held by certain insurance companies. Specifically, it excludes such debt from being classified as capital assets and extends the capital loss carryover period for these companies from 5 to 10 years. The bill targets applicable insurance companies, excluding specific types like those with certain tax elections or foreign corporations.
Expected Effects
The primary effect of this bill would be to provide tax benefits to applicable insurance companies. By excluding certain debt from capital asset classification, the bill could reduce the tax burden on these companies. Additionally, extending the capital loss carryover period allows these companies more time to offset losses against future gains, potentially improving their financial stability.
Potential Benefits
- Could improve the financial health of applicable insurance companies.
- May lead to increased investment by these companies.
- Could potentially lower insurance costs for consumers in the long run.
- Simplifies tax regulations for applicable insurance companies.
- Encourages long-term investment strategies by insurance companies.
Most Benefited Areas:
Potential Disadvantages
- May disproportionately benefit larger insurance companies.
- Could lead to a decrease in government tax revenue.
- The definition of 'applicable insurance company' may create loopholes.
- Potential for increased complexity in tax code interpretation.
- May not directly benefit the average American taxpayer.
Most Disadvantaged Areas:
Constitutional Alignment
The bill falls under the purview of Congress's power to lay and collect taxes, duties, imposts, and excises, as outlined in Article I, Section 8, Clause 1 of the Constitution. The bill does not appear to infringe upon any specific constitutional rights or protections. The specific details of tax law are generally left to the discretion of Congress, provided they do not violate other constitutional provisions.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).