,,ii  #aaith ,,congress  #ast ,session  
,s4 #acce  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,april #h1     
#bjbe,mr4 ,tillis 7for himself and ,mr4 
,warnock7 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 assets
 and to extend capital loss carryovers  
for such companies from #e years to #aj 
years4  #a4 ,short title ,this ,act may 
be cited as the ,secure ,family ,futures
 ,act of #bjbe4  #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 by striking or at the end of   
paragraph 7#g71 by striking the period  
at the end of paragraph 7#h7 and        
inserting 2 or1 and 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 by   
redesignating paragraph 7#d7 as         
paragraph 7#e7 and 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 notes1      
bonds1 debentures1 or other evidence of 
indebtedness acquired by an applicable  
insurance company 7as defined in section
 #abba7;b77#d77 of such ,code after     
,december #ca1 #bjbe4  #c4 ,capital loss
 carryovers incurred by applicable      
insurance companies allowed for #aj     
years  7a7 ,in general ,section         
#abab7;a77#a77;,c7 of the ,internal     
,revenue ,code of #aihf is amended to   
read as follows3  7,c7 a capital loss   
carryover to each of the #aj taxable    
years succeeding the loss year1 but only
 to the extent such loss-- 7i7 is       
attributable to a foreign expropriation 
loss1 or  7ii7 was incurred by an       
applicable insurance company 7as defined
 in section #abba7;b77#d774  4  7b7     
,effective date ,the amendment made by  
this section shall apply to net capital 
losses arising in taxable years         
beginning after ,december #ca1 #bjbe4