To amend the Internal Revenue Code of 1986 to increase the dollar limitation on employer-provided group term life insurance that can be excluded from the gross income of the employee.
Last action on Jan 4, 2005Referred to the House Committee on Ways and Means.
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Summary
Amends the Internal Revenue Code to increase from $50,000 to $300,000 the amount of employer-provided group term life insurance that an employee can exclude from gross income. Indexes the $300,000 amount for inflation for taxable years beginning after 2005.
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