WASHINGTON, D.C. (December 20, 2017) – The Coalition for American Insurance is pleased to thank Congress for passing the Tax Cuts and Jobs Act, an important policy achievement for the U.S. insurance industry and its customers. The first major tax reform package in three decades will establish a more level playing field for all insurers doing business in the U.S. by reforming a decade-old loophole that allowed foreign-based insurance companies to avoid paying tax on their U.S.-generated insurance profits. A statement from the Coalition follows:
“Congress is to be congratulated on passage of the Tax Cuts and Jobs Act. This important legislation includes reforms to the tax code that will stimulate job creation and economic growth here at home. It will also help maintain a strong and vibrant U.S. insurance industry, which will provide consumers with greater choices and competition in the insurance marketplace. The Base Erosion and Anti-Abuse Tax (BEAT) is an important reform that will reduce the incentive to send U.S.-generated profits overseas. The Coalition looks forward to working with policymakers as these reforms are implemented in the coming year.”
ABOUT THE COALITION –
The Coalition for American Insurance consists of twelve major U.S.-based insurance groups that employ hundreds of thousands of people within the United States. Coalition members provide millions of Americans with financial protection from unpredictable risks and pay substantial amount of federal, state and local taxes. The Coalition is seeking a level playing field and tax fairness for U.S.-based insurers and their consumers and employees by closing a current federal tax loophole that allows foreign-based insurers to avoid paying U.S. taxes.