Group Term Life Insurance Increase Act

I 116TH CONGRESS 1ST SESSION H. R. 2614 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. IN THE HOUSE OF REPRESENTATIVES MAY 9, 2019 Mr. BURGESS introduced the following bill; which was referred to the Committee on Ways and Means A BILL 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. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Group Term Life In- 4 surance Increase Act’’. 5 VerDate Sep 11 2014 04:55 May 17, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2614.IH H2614 kjohnson on DSK79L0C42 with BILLS 2 •HR 2614 IH SEC. 2. INCREASE IN LIMITATION ON EXCLUSION FOR EM- 1 PLOYER-PROVIDED GROUP TERM LIFE IN- 2 SURANCE PURCHASED FOR EMPLOYEES. 3 (a) IN GENERAL.—Paragraph (1) of section 79(a) of 4 the Internal Revenue Code of 1986 is amended by striking 5 ‘‘$50,000’’ and inserting ‘‘$375,000’’. 6 (b) INFLATION ADJUSTMENT.—Section 79 of such 7 Code is amended by adding at the end the following new 8 subsection: 9 ‘‘(g) INFLATION ADJUSTMENT.— 10 ‘‘(1) IN GENERAL.—In the case of any taxable 11 year beginning after 2019, the $375,000 amount 12 under subsection (a)(1) shall be increased by an 13 amount equal to— 14 ‘‘(A) such dollar amount, multiplied by 15 ‘‘(B) the cost-of-living adjustment deter- 16 mined under section 1(f)(3) for the calendar 17 year in which the taxable year begins, deter- 18 mined by substituting ‘2018’ for ‘2016’ in sub- 19 paragraph (A)(ii) thereof. 20 ‘‘(2) ROUNDING.—If any amount as adjusted 21 under paragraph (1) is not a multiple of $10,000, 22 such amount shall be rounded to the nearest mul- 23 tiple of $10,000.’’. 24 VerDate Sep 11 2014 04:55 May 17, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H2614.IH H2614 kjohnson on DSK79L0C42 with BILLS 3 •HR 2614 IH (c) EFFECTIVE DATE.—The amendments made by 1 this section shall apply to taxable years beginning after 2 December 31, 2018. 3 Æ VerDate Sep 11 2014 04:55 May 17, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H2614.IH H2614 kjohnson on DSK79L0C42 with BILLS