House Passes Bill Extending Terrorism Risk Insurance Act

Update provided by The Real Estate Rountable
In the first order of business for the 114th Congress, the U.S. House of Representatives today passed H.R. 26 – the Terrorism Risk Insurance Program Reauthorization Act of 2015 – by a vote of 416-5. This legislation will reinstate the federal terrorism risk insurance program that expired on Jan. 1 for six years. Majority Leader Mitch McConnell (R-KY) stated that this legislation will be a top priority for the Senate, and it may come to floor as soon as this week.

The bill would extend the federal terrorism insurance program for six years, increase the insurer co-pay from 15 percent to 20 percent, gradually increase the program’s trigger from $100 million to $200 million, while increasing the recoupment amount by $10 billion, to $37.5 billion.

The bill also includes a provision exempting from Dodd-Frank requirements companies – “end users” – that use derivatives to hedge against business risk.

The measure is virtually identical to the compromise version of S. 2244 in the 113th Congress that was amended and passed by the House in December. The Senate failed to take up that proposal before adjourning for the year.

Author

Engineered Tax Services

Engineered Tax Services

Recent Posts

IRS notice

Understanding IRS Notice N-2023-67

The U.S. tax code is an evolving landscape, especially when it comes to sustainability and energy-efficient housing. That’s why IRS Notice N-2023-67 has become a focal point for professionals in the construction and real estate industries. If you’re wondering what this notice entails and how it can affect your business or personal finances, you’re in

Read More »
logistics tax strategies

Why Cost Segregation Is a Key Logistics Tax Strategy 

In the demanding world of logistics, where every cent counts, cash flow optimization is crucial. Sure, it’s essential to trim expenses and enhance efficiency, but have you ever considered that a fresh take on your tax strategy could also lead to serious savings?   This is where cost segregation enters the picture. This blog post is

Read More »

Contact Us