H.R.3320: To amend the Internal Revenue Code of 1986 to encourage guaranteed lifetime income payments from annuities and similar payments of life insurance proceeds at dates later than death by taxing the income portion of such payments at capital gains rates.

Congressional Research Service

Official summary

Version 00 · Introduced in House · Nov 16, 2001

Amends the Internal Revenue Code to tax lifetime annuity payouts and similar payments of life insurance proceeds at dates later than death at capital gains rates.Excludes amounts received under an eligible deferred compensation plan or under a qualified retirement plan.Includes such gains in the calculation of the maximum rate of tax on net capital gains of noncorporate taxpayers when computing the alternative minimum tax.

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People & committees

Who introduced it

Rep. English, Phil [R-PA-21] · R–PA

Committees

Ways and Means Committee

48 cosponsorship records, including any withdrawals

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

Nov 16, 2001
Referred to the House Committee on Ways and Means.
Nov 16, 2001
Sponsor introductory remarks on measure. (CR E2115-2116)
Nov 16, 2001
Introduced in House
Nov 16, 2001
Introduced in House

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in House · Nov 16, 2001 Formatted Text PDF

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Jan 2, 2025. Consult Congress.gov for the current record.

AI Conversation Starters

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Neutral evidence review

Objective

Analyze H.R.3320 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

View full prompt & sources

Discuss H.R.3320, 107th Congress: To amend the Internal Revenue Code of 1986 to encourage guaranteed lifetime income payments from annuities and similar payments of life insurance proceeds at dates later than death by taxing the income portion of such payments at capital gains rates.

Official record: https://www.congress.gov/bill/107th-congress/house-bill/3320

Text version to examine: Introduced in House · 2001-11-16.

Official full text: https://www.congress.gov/107/bills/hr3320/BILLS-107hr3320ih.htm

Imported record last updated by the source: 2025-01-02T16:49:26Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze H.R.3320 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine H.R.3320 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

View full prompt & sources

Discuss H.R.3320, 107th Congress: To amend the Internal Revenue Code of 1986 to encourage guaranteed lifetime income payments from annuities and similar payments of life insurance proceeds at dates later than death by taxing the income portion of such payments at capital gains rates.

Official record: https://www.congress.gov/bill/107th-congress/house-bill/3320

Text version to examine: Introduced in House · 2001-11-16.

Official full text: https://www.congress.gov/107/bills/hr3320/BILLS-107hr3320ih.htm

Imported record last updated by the source: 2025-01-02T16:49:26Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.3320 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine H.R.3320 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

Discuss H.R.3320, 107th Congress: To amend the Internal Revenue Code of 1986 to encourage guaranteed lifetime income payments from annuities and similar payments of life insurance proceeds at dates later than death by taxing the income portion of such payments at capital gains rates.

Official record: https://www.congress.gov/bill/107th-congress/house-bill/3320

Text version to examine: Introduced in House · 2001-11-16.

Official full text: https://www.congress.gov/107/bills/hr3320/BILLS-107hr3320ih.htm

Imported record last updated by the source: 2025-01-02T16:49:26Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.3320 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine H.R.3320 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss H.R.3320, 107th Congress: To amend the Internal Revenue Code of 1986 to encourage guaranteed lifetime income payments from annuities and similar payments of life insurance proceeds at dates later than death by taxing the income portion of such payments at capital gains rates.

Official record: https://www.congress.gov/bill/107th-congress/house-bill/3320

Text version to examine: Introduced in House · 2001-11-16.

Official full text: https://www.congress.gov/107/bills/hr3320/BILLS-107hr3320ih.htm

Imported record last updated by the source: 2025-01-02T16:49:26Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.3320 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.