Secure Family Futures Act of 2024

Section 1221(a) of the Internal Revenue Code of 1986 is amended—

(1) by striking or at the end of paragraph (7);

(2) by striking the period at the end of paragraph (8) and inserting; or; and

(3) by adding at the end the following new paragraph:

(9) any note, bond, debenture, or other evidence of indebtedness held by an applicable insurance company.

Section 1221(b) of such Code is amended—

(1) by redesignating paragraph (4) as paragraph (5); and

(2) by inserting after paragraph (3) the following new paragraph:

For purposes of subsection (a)(9), the term applicable insurance company means, with respect to any taxable year—

(A) any insurance company other than an insurance company—

(i) with respect to which an election is in effect under section 831(b)(2)(A)(iii) or 835(a) for such taxable year,

(ii) which is a foreign corporation described in section 842, or

(iii) which is an organization to which section 833 applies for such taxable year, or

(B) a face-amount certificate company registered under the Investment Company Act of 1940.

The amendments made by this section shall apply to dispositions after the date of enactment of this section.

For taxable years beginning after the date of the enactment of this section, a taxpayer may treat a capital loss carryover properly attributable to the disposition of an asset described in section 1221(a)(9) of the Internal Revenue Code of 1986 (as added by subsection (a)) prior to such date as a net operating loss carryover.