,,ii  #aah? ,,congress  #b;d ,session   
,s4 #dgdj  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #bc1 #bjbd,mr4   
,tillis 7= himself & ,mr4 ,casey7       
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to exclude debt   
held by c]ta9 insurance companies f     
capital assets4  #a4 ,%ort title ,?is   
,act may be cit$ z ! ,secure ,family    
,futures ,act ( #bjbd4  #b4 ,debt n     
treat$ z capital asset = applicable     
insurance companies  7a7 ,exclusion f   
capital assets ,section #abba7;a7 ( !   
,int]nal ,rev5ue ,code ( #aihf is       
am5d$-- 7#a7 by /rik+ or at ! end (     
p>agraph 7#g72  7#b7 by /rik+ ! p]iod at
 ! end ( p>agraph 7#h7 & ins]t+ 2 or2 & 
7#c7 by add+ at ! end ! foll[+ new      
p>agraph3  7#i7 any note1 bond1         
deb5ture1 or o!r evid5ce ( indebt$ness  
held by an applicable insurance company4
  4  7b7 ,applicable insurance company  
def9$ ,section #abba7;b7 ( su* ,code is 

am5d$-- 7#a7 by r$esignat+ p>agraph 7#d7
 z p>agraph 7#e72 &  7#b7 by ins]t+ aft]
 p>agraph 7#c7 ! foll[+ new p>agraph3   
7#d7 ,applicable insurance company ,=   
purposes ( subsection 7a77#i71 ! t]m    
applicable insurance company means1 )   
respect to any taxable ye>-- 7,a7 any   
insurance company o!r ?an an insurance  
company-- 7i7 ) respect to :i* an       
election is 9 effect "u section         
#hca7;b77#b77;,a77iii7 or #hce7;a7 = su*
 taxable ye>1  7ii7 :i* is a =eign      
corporation describ$ 9 section #hdb1 or 
7iii7 :i* is an organization to :i*     
section #hcc applies = su* taxable ye>1 
or  7,b7 a face-am\nt c]tificate company
 regi/]$ "u ! ,inve/m5t ,company ,act ( 
#aidj4  4  7c7 ,effective date ,!       
am5dm5ts made by ?is section %all apply 
to dispositions aft] ! date ( enactm5t (
 ?is section4  7d7 ,transition rule ,=  
taxable ye>s beg9n+ aft] ! date ( !     
enactm5t ( ?is section1 a taxpay] may   
treat a capital loss c>ryov] prop]ly    
attributable to ! disposition ( an asset

 describ$ 9 section #abba7;a77#i7 ( !   
,int]nal ,rev5ue ,code ( #aihf 7z add$  
by subsection 7a77 prior to su* date z a
 net op]at+ loss c>ryov]4