A bill to amend the Internal Revenue Code of 1986 to impose an excise tax on amounts received under certain insurance policies in which certain exempt organizations hold an interest.

Read twice and referred to the Committee on Finance.

Congressional Research Service

Official summary

Version 00 · Introduced in Senate · May 10, 2005

Amends the Internal Revenue Code to impose an excise tax on certain tax-exempt organizations or other nonexempt persons which acquire a direct or indirect interest in any life insurance, annuity, or endowment contract for 100 percent of the acquisition costs of such interest. Allows an exception from such tax for individuals with insurable interests, named beneficiaries, and trust beneficiaries. Requires tax-exempt organizations and other nonexempt persons which acquire a taxable interest in such insurance contracts to file certain informational returns.

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People & committees

Who introduced it

Sen. Grassley, Chuck [R-IA] · R–IA

Committees

Finance Committee

1 cosponsorship records, including any withdrawals

Sen. Baucus, Max [D-MT]

Legislative record

Actions

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

May 10, 2005
Read twice and referred to the Committee on Finance.
May 10, 2005
Sponsor introductory remarks on measure. (CR S4877)
May 10, 2005
Introduced in Senate

Primary sources

Bill text & related measures

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

Introduced in Senate · May 10, 2005 Formatted Text PDF Formatted XML

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: Feb 10, 2026. Consult Congress.gov for the current record.

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Neutral evidence review

Objective

Analyze S.993 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 S.993, 109th Congress: A bill to amend the Internal Revenue Code of 1986 to impose an excise tax on amounts received under certain insurance policies in which certain exempt organizations hold an interest.

Official record: https://www.congress.gov/bill/109th-congress/senate-bill/993

Text version to examine: Introduced in Senate · 2005-05-10.

Official full text: https://www.congress.gov/109/bills/s993/BILLS-109s993is.htm

Imported record last updated by the source: 2026-02-10T13:35:20Z. 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 S.993 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 S.993 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 S.993, 109th Congress: A bill to amend the Internal Revenue Code of 1986 to impose an excise tax on amounts received under certain insurance policies in which certain exempt organizations hold an interest.

Official record: https://www.congress.gov/bill/109th-congress/senate-bill/993

Text version to examine: Introduced in Senate · 2005-05-10.

Official full text: https://www.congress.gov/109/bills/s993/BILLS-109s993is.htm

Imported record last updated by the source: 2026-02-10T13:35:20Z. 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 S.993 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 S.993 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 S.993, 109th Congress: A bill to amend the Internal Revenue Code of 1986 to impose an excise tax on amounts received under certain insurance policies in which certain exempt organizations hold an interest.

Official record: https://www.congress.gov/bill/109th-congress/senate-bill/993

Text version to examine: Introduced in Senate · 2005-05-10.

Official full text: https://www.congress.gov/109/bills/s993/BILLS-109s993is.htm

Imported record last updated by the source: 2026-02-10T13:35:20Z. 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 S.993 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 S.993 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 S.993, 109th Congress: A bill to amend the Internal Revenue Code of 1986 to impose an excise tax on amounts received under certain insurance policies in which certain exempt organizations hold an interest.

Official record: https://www.congress.gov/bill/109th-congress/senate-bill/993

Text version to examine: Introduced in Senate · 2005-05-10.

Official full text: https://www.congress.gov/109/bills/s993/BILLS-109s993is.htm

Imported record last updated by the source: 2026-02-10T13:35:20Z. 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 S.993 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.