HR 4598
To amend the Internal Revenue Code of 1986 to provide an exemption from FIRPTA for interests held by certain foreign insurance companies.
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- Passed House
- Passed Senate
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- Became Law
Bill overview
This bill changes the Foreign Investment in Real Property Tax Act (FIRPTA) to provide an exemption for certain foreign insurance companies when they sell U.S. real estate. Specifically, it redefines ‘qualified foreign entity’ to include qualifying insurance corporations and qualified foreign pension funds. This change aims to simplify tax reporting requirements for these foreign entities and reduce potential tax liabilities associated with their U.S. real estate investments. The exemption applies to dispositions and distributions occurring after the bill’s enactment.
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Primary sponsor
Cosponsor
George Holding
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