JCT - The Joint Committee on Taxation

  • Joint Committee on Internal Revenue Taxation
    • Chapter 23 - Records of the Joint Committees of Congress 1789-1968 
  • 1989 1016 - Report - Taxation of Life Insurance Companies -  By the Joint Committee on Taxation (JCT) - Background - 52p-GooglePlay

1978

  • 1978 - JCS-13-78 (April 14, 1978) -  Tax Shelters and Minimum Tax.  Prepared for the Use of the Committee on Ways and Means
    • The Administration's proposal is based on the belief that the increase in sales of deferred annuities, which some sources estimate to have exceeded $1 billion in 1977, reflects the promotion and sale of such contracts for their tax deferral features, features which are unavailable through other forms of savings other than life insurance.6
    • The Administration argues that whereas in the case of deferred annuity contracts an investor may liquidate his investment at any time, tax on earnings from that investment should not be deferred. (p36)

1981

Financial institutions

Savings and loan associations and mutual savings banks were particularly hurt by the increase in interest rates in 1980.

  • These institutions tend to have short-term liabilities, mainly deposits, and long-term assets, mainly mortgages.
  • Thus, their profitability tends to decline during periods of rising interest rates because their cost of funds rises much more than does the return on their assets, most of which are mortgages whose interest rates were established during periods of lower interest rates.

Also, life insurance companies experience problems during periods of high interest rates because policyholders take advantage of the option to receive low interest loans on their policies.

  • JCS-13-81 (April 25, 1981) - Economic background for a tax reduction bill prepared for the use of the Committee on Ways and Means, U.S. House of Representatives, by the staff of the Joint Committee on Taxation.

1982

  • JCS-3-82 (March 02, 1982) - Summary of Revenue Measures in the Administration's Budget for Fiscal Year 1983 Prepared for the Committee on Ways and Means and the Committee on Finance
    • (5) Modified coinsurance.-The Administration proposes to eliminate the use of modified coinsurance arrangements by life insurance companies to recharacterize investment income as underwriting income. (p3)
    • 4. Modified Coinsurance - Present Law - Overview (p18-21)
  • JCS-4-82 (March 08, 1982) - Estimates Of Federal Tax Expenditures For Fiscal Years 1982-1987
    • Table I.-Tax Expenditure Estimates by Function1-[Fiscal years, in millions of dollars]
    • Exclusion of interest on life insurance savings <Inside Buildup> - Individuals 1982-1987 (p12)
  • JCS-7-82 (March 26, 1982) - Description of S.2105 and S.2106 Relating to State and Local Public Employee Benefit Plans; Administration of Employee Benefit Plans Scheduled for a Hearing Before the Subcommittee on Savings, Pensions, and Investment Policy of the Senate Committee on Finance on March 29, 1982
    • Life insurance companies (p39)
    • <ERISA, Fiduciary Duties, Self-Dealing, Pension Benefit Guaranty Corporation (PBGC)
  • JCS-24-82 (June 15, 1982) - Description of possible options to increase revenues
  • JCS-29-82 (July 16, 1982) - Description of possible options to increase revenues
  • JCX-33-82 (July 27, 1982) - Summary Of Revenue Provisions Of H.R. 4961 (The Tax Equity And Fiscal Responsibility Act Of 1982 ) As Passed By The Senate On July 22, 1982

1983

  • JCS-11-83 (May 05, 1983) - Background on the taxation of life insurance companies and their products : scheduled for hearings before the Subcommittee on Select Revenue Measures of the Committee on Ways and Means on May 10 and 11
  • JCS-26-83 (June 16, 1983) - Description of S. 19 ("Retirement Equity Act of 1983") and S. 888 ("Economic Equity Act of 1983") : scheduled for hearings before the Committee on Finance, United States Senate, on June 20-21, 1983
    • K. Nondiscrimination in Insurance (Title III of S. 888) 
    • Present Law (p29)
      • Although longer life expectancies result in lower life insurance premiums for women, the opposite occurs in the case of annuity or pension benefits.
  • JCX-23-83 (August 02, 1983) - Comparison of present law, a discussion proposal and possible clarifications offered by Representatives Stark and Moore, relating to the tax treatment of life insurance companies and their products
  • JCX-24-83 (September 15, 1983) - Section-by-section summary of the September 13, 1983, committee print of the Stark-Moore discussion proposal.
  • JCX-25-83 (September 27, 1983) - Comparison of present law, a discussion draft, and possible clarifications offered by Representatives Stark and Moore, relating to the tax treat..."
  • JCS-48-83 (October 03, 1983) - Major issues in the taxation of life insurance products, policyholders, and companies: a study
  • JCX-32-83 (October 05, 1983) - Comparison of present law and H.R. 4065 relating to the tax treatment of life insurance companies and their products

1984

  • JCX-16-84 (June 08, 1984) - Tentative recommendations on life insurance.
  • JCS-1-84 (July 27, 1984) - Description of provisions of S. 1992 relating to life insurance products and policyholders : scheduled for a hearing before the Senate Committee on Finance on January 31, 1984

1985

  • JCS-26-85 (July 26, 1985) - Estimated Revenue Effects Of The President's Tax Reform Proposal: For The Use Of The Committee On Ways And Means And The Committee On Finance
    • Limit life insurance reserve deductions; repeal special percentage of taxable income deduction; and repeal exemption of certain small companies: Corporate ...... 0.9 1.6 1.7 1.8 1.9 7.9
  • JCS-38-85 (September 12, 1985) - Tax Reform Proposals: Taxation Of Financial Institutions
  • JCS-41-85 (September 20, 1985) - Tax reform proposals : taxation of insurance products and companies : for the use of the Committee on Ways and Means and the Committee on Finance

1988

  • 1988 0315 - JCT - jcs-6-88-3245 - Background and Issues Relating to the Tax Treatment of Single Premium and Other Investment-Oriented Life Insurance - 42p

1991

  • JCX-6-91 (May 21, 1991) - Present Law And Issues Relating To The Conservatorship Of The Executive Life Insurance Company Scheduled for a Hearing Before the Subcommittee on Select Revenue Measures of the House Committee on W

1920s

JCT-6-12 (June 19, 1929) - Refunds and Credits of International Revenue Taxes - jct-6-12-4303

  • 4. The decision of the Supreme Court of the United States in the National Life Insurance Co. case materially lowers even the very small tax imposed on life-insurance companies by the revenue act.
    • It will cost the Government approximately $35,000,000 in refunds and $8,000,000 per annum for the future. 
  • CASE NO. 23-September
    • This is the case of the Prudential Insurance Co. of America, Newark, N. J.
    • The refund allowed amounts to $1,503,219.02 plus interest of $130,402.60. The years involved are 1925 and 1926. The principal cause for the refund in this case is the recomputation of the net income in accordance with the decision of the Supreme Court of the United States in the National Life Insurance Co. case.
    • The decision of the commissioner in this case will be found in Appendix 18.
    • There is no criticism to be made of the allowance in this case which is entirely due to the decision of the Supreme Court.
    • This case is simply selected at random from among a considerable number in order to illustrate this type of refund. (p54)

1930s

  • JCT-3-07 (January 01, 1938) - Internal Revenue Collections from Specified Sources for the Fisca Years 1918-1938
    • 133 Life insurance, on each $100 of policy:
      • (1918) - 1,253,642.96
      • (1919) - 3,402,524.24 (p16)

1950s

  • JCT-4-56 (March 15, 1956) - Terminology of the International Revenue Code of1954
    • Adjusted Gross Income __ 62; 170(b)(l), 545(b)(2)
    • Adjusted Reserves: with respect to life-insurance companies - 803(c)
    • Adjusted Taxable Income: with respect to life-insurance companies -  805(c)
    • (2) mutual savings bank conducting life insurance business - p594

1959

  • JCT-16-59 (April 21, 1959)
    TAXATION OF LIFE INSURANCE COMPANIES : SUGGESTED METHODS FOR PREVENTING DOUBLE TAXATION OF TAX-EXEMPT INCOME ...
  • JCT-17-59 (April 21, 1959)
    TAXATION OF LIFE INSURANCE COMPANIES : OTHER POSSIBLE METHODS FOR PREVENTING DOUBLE TAXATION OF TAX-EXEMPT INCOME ...
  • JCT-12-59 (April 10, 1959)
    TAXATION OF LIFE INSURANCE COMPANIES : ILLUSTRATIONS SHOWING WHY TREASURY PROPOSED AMENDMENT STILL RAISES CONSTITUTIONAL QUESTION ...
  • JCT-13-59 (April 10, 1959)
    "TAXATION OF LIFE INSURANCE COMPANIES : COMPARISON OF ITEMS ENTERING INTO TAX COMPUTATIONS UNDER H.R. 4245, THE 1955 FORMULA AND THE 1942 FORMULA...
  • JCT-14-59 (April 10, 1959)
    "TAXATION OF LIFE INSURANCE COMPANIES : COMPARISON OF ITEMS ENTERING INTO TAX COMPUTATIONS UNDER H.R. 4245, THE 1955 FORMULA AND THE 1942 FORMULA...
  • JCT-15-59 (April 10, 1959)
    TAXATION OF LIFE INSURANCE COMPANIES : ILLUSTRATIONS SHOWING WHY TREASURY PROPOSED AMENDMENT STILL RAISES CONSTITUTIONAL QUESTIONS ...
  • JCT-10-59 (April 09, 1959)
    "TAXATION OF LIFE INSURANCE COMPANIES : SUGGESTIONS AND COMMENTS ON MAJOR TOPICS FOR THE COMMITTEE ON FINANCE, UNITED STATES SENATE" ...
  • JCT-11-59 (April 09, 1959)
    "TAXATION OF LIFE INSURANCE COMPANIES : SUMMARY OF SPECIAL PROBLEMS FOR THE COMMITTEE ON FINANCE, UNITED STATES SENATE" 
  • JCT-9-59 (April 08, 1959)

JCT General Explanation of Tax Legislation Enacted in 2016, JCX-4-17, Congress (United States)
JCT General Explanation of Tax Legislation Enacted in 2015, JCS-1-16, Congress (United States)
JCT General Explanation of Tax Legislation Enacted in the 113th Congress, JCS-1-15, Congress (United States)
JCT General Explanation of Tax Legislation Enacted in the 112th Congress, JCS-2-13, Congress (United States)
JCT General Explanation of Tax Legislation Enacted in the 111th Congress, JCS-2-11-Part 1 of 2, Congress (United States)
JCT General Explanation of Tax Legislation Enacted in the 111th Congress, JCS-2-11-Part 2 of 2, Congress (United States)
JCT General Explanation of Tax Legislation Enacted in the 110th Congress, JCS-1-09, Congress (United States)
JCT General Explanation of Tax Legislation Enacted in the 109th Congress, JCS-1-07-Part 1 of 2, Congress (United States)
JCT General Explanation of Tax Legislation Enacted in the 109th Congress, JCS-1-07-Part 2 of 2, Congress (United States)
JCT General Explanation of Tax Legislation Enacted in the 108th Congress, JCS-5-05-Part 1 of 2, Congress (United States)
JCT General Explanation of Tax Legislation Enacted in the 108th Congress, JCS-5-05-Part 2 of 2, Congress (United States)
JCT General Explanation of Tax Legislation Enacted in the 107th Congress, JCS-1-03, Congress (United States)
JCT General Explanation of Tax Legislation Enacted in the 106th Congress, JCS-2-01, Congress (United States)
JCT General Explanation of 1998 Tax Legislation, JCS-6-98, Congress (United States)
JCT General Explanation of Tax Legislation Enacted in 1997, JCS-23-97, Congress (United States)
JCT General Explanation of Tax Legislation Enacted in the 104th Congress, JCS-12-96, Congress (United States)
JCT Explanation of Technical Corrections to the Tax Reform Act of 1984 and other Recent Tax Legislation, JCS-11-87, Congress (United States)
JCT General Explanation of the Tax Reform Act of 1986, JCS-10-87-Part 1 of 3, Congress (United States)
JCT General Explanation of the Tax Reform Act of 1986, JCS-10-87-Part 2 of 3, Congress (United States)
JCT General Explanation of the Tax Reform Act of 1986, JCS-10-87-Part 3 of 3, Congress (United States)
JCT General Explanation of the Revenue Provisions of the Deficit Reduction Act of 1984, JCS-41-84-Part 1 of 3, Congress (United States)
JCT General Explanation of the Revenue Provisions of the Deficit Reduction Act of 1984, JCS-41-84-Part 2 of 3, Congress (United States)
JCT General Explanation of the Revenue Provisions of the Deficit Reduction Act of 1984, JCS-41-84-Part 3 of 3, Congress (United States)
JCT General Explanation of the Revenue Provisions of the Tax Equity and Fiscal Responsibility Act of 1982, JCS-38-82, Congress (United States)
JCT General Explanation of the Economic Recovery Tax Act of 1981, JCS-71-81, Congress (United States)
JCT General Explanation of the Crude Oil Windfall Profit Tax Act of 1980, JCS-1-81, Congress (United States)
JCT General Explanation of the Revenue Act of 1978, JCS-7-79, Congress (United States)
JCT General Explanation of the Tax Reform Act of 1976, JCS-33-76-Part 1 of 2, Congress (United States)
JCT General Explanation of the Tax Reform Act of 1976, JCS-33-76-Part 2 of 2, Congress (United States).

(p3) - Table I.-Effective Corporate Tax Rates by Industry, 1983, [Dollar amounts in millions] - U.S. Current Effective Industry income U.S. tax U.S. tax before tax expense rate (percent)
Aerospace .............................................. $3,287 $4u9 14.0
Beverages .............................................. 1,688 316 18.7
Broadcasting ........................................ 1,081 200 18.5
Chemicals ............................................. 1,164 -11 -1.0
Computers and office equipment ...... 6,842 1,797 26.3
Construction ......................................... 59 (1) 0.7
Electronics and appliances ................ 3,953 291 7.4
Financial institutions ......................... 2,863 182 6.4
Food processors .................................... 3,810 987 25.9
Glass and concrete .............................. 605 106 17.5
Instruments .......................................... 2,256 740 32.8
Insurance .............................................. 1,756 174 9.9
Investment companies ........................ 980 91 9.3
Metal manufacturing ......................... -1,341 25 (2)
Metal products ..................................... 286 43 15.1
Mining ................................................... -486 -19 (2)
Motor vehicles ...................................... 5,759 202 3.5
Paper and wood products ................... 759 -4 -0.5
Petroleum ............................................. 19,256 4,094 21.3
Pharmaceuticals .................................. 2,302 626 27.2
Retailing ............................................... 5,067 1,015 20.0
Soaps and cosmetics ............................ 2,027 721 35.6
Telecommunications ........................... 11,072 531 4.8
Tobacco .................................................. 3,083 1,042 33.8
Transportation:
Airlines .......................................... -212 -59 (2)
Railroads ....................................... 2,165 72 3.3
Trucking ........................................ 1,284 443 34.5
Utilities (electric and gas) .................. 7,158 505 7.1
Wholesalers .......................................... 948 329 34.8
All companies ........................... 90,031 15,022 16.7

JCS-35-85 (August 08, 1985) - Tax reform proposals : taxation of capital income for the use of the Committee on Ways and Means and the Committee on Finance