,,ii  #aahth ,,congress  #b;d ,session  
,s4 #dgdj  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #bc1     
#bjbd,mr4 ,tillis 7for himself and ,mr4 
,casey7 introduced the following bill2  
which was read twice and referred to the
 ,committee on ,finance  ,a ,,bill  ,to 
amend the ,internal ,revenue ,code of   
#aihf to exclude debt held by certain   
insurance companies from capital assets4
  #a4 ,short title ,this ,act may be    
cited as the ,secure ,family ,futures   
,act of #bjbd4  #b4 ,debt not treated as
 capital asset for applicable insurance 
companies  7a7 ,exclusion from capital  
assets ,section #abba7;a7 of the        
,internal ,revenue ,code of #aihf is    
amended-- 7#a7 by striking or at the end
 of paragraph 7#g72  7#b7 by striking   
the period at the end of paragraph 7#h7 
and inserting 2 or2 and  7#c7 by adding 
at the end the following new paragraph3 
7#i7 any note1 bond1 debenture1 or other
 evidence of indebtedness held by an    
applicable insurance company4  4  7b7   

,applicable insurance company defined   
,section #abba7;b7 of such ,code is     
amended-- 7#a7 by redesignating         
paragraph 7#d7 as paragraph 7#e72 and   
7#b7 by inserting after paragraph 7#c7  
the following new paragraph3  7#d7      
,applicable insurance company ,for      
purposes of subsection 7a77#i71 the term
 applicable insurance company means1    
with respect to any taxable year-- 7,a7 
any insurance company other than an     
insurance company-- 7i7 with respect to 
which an election is in effect under    
section #hca7;b77#b77;,a77iii7 or       
#hce7;a7 for such taxable year1  7ii7   
which is a foreign corporation described
 in section #hdb1 or  7iii7 which is an 
organization to which section #hcc      
applies for such taxable year1 or  7,b7 
a face-amount certificate company       
registered under the ,investment        
,company ,act of #aidj4  4  7c7         
,effective date ,the amendments made by 
this section shall apply to dispositions
 after the date of enactment of this    

section4  7d7 ,transition rule ,for     
taxable years beginning after the date  
of the enactment of this section1 a     
taxpayer may treat a capital loss       
carryover properly attributable to the  
disposition of an asset described in    
section #abba7;a77#i7 of the ,internal  
,revenue ,code of #aihf 7as added by    
subsection 7a77 prior to such date as a 
net operating loss carryover4