H.R.3037 – 115th Congress (2017-2018): Group Term Life Insurance Increase Act

Rep. Michael C. Burgess, R-Texas, has introduced H.R. 3037, Group Term Life Insurance Increase Act.  The bill summary is as follows:

This bill amends the Internal Revenue Code to increase the limit on the amount of employer-provided group term life insurance that an employee may exclude from his or her gross income for income tax purposes. Currently, an employee may exclude from gross income up to $50,000 of the cost of such insurance plus any amount paid by the employee for the purchase of such insurance. The bill increases the $50,000 limit to $375,000, and adjusts such increased limit for inflation in taxable years beginning after 201

See bill, summary and status at: H.R.3037 – 115th Congress (2017-2018): Group Term Life Insurance Increase Act | Congress.gov | Library of Congress

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.

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