H.R. 1618 — Introduced in House

I 113th CONGRESS 1st Session H. R. 1618 IN THE HOUSE OF REPRESENTATIVES April 18, 2013 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. 1. Increase in limitation on exclusion for employer-provided group term life insurance purchased for employees (a) In general Paragraph (1) of section 79(a) of the Internal Revenue Code of 1986 is amended by striking $50,000 and inserting $375,000. (b) Inflation adjustment Section 79 of such Code is amended by adding at the end the following new subsection: (g) Inflation adjustment (1) In general In the case of any taxable year beginning after 2013, the $375,000 amount under subsection (a)(1) shall be increased by an amount equal to— (A) such dollar amount, multiplied by (B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting 2012 for 1992 in subparagraph (B) thereof. (2) Rounding If any amount as adjusted under paragraph (1) is not a multiple of $10,000, such amount shall be rounded to the nearest multiple of $10,000. . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2012.