PPLI Abuse Act

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 4279 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 4279 To amend the Internal Revenue Code of 1986 to prevent the abuse of life insurance tax rules, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES April 13, 2026 Mr. Wyden introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to prevent the abuse of life insurance tax rules, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Protecting Proper Life Insurance from Abuse Act'' or the ``PPLI Abuse Act''. SEC. 2. TAX TREATMENT OF PRIVATE PLACEMENT CONTRACTS. (a) In General.--Chapter 79 of the Internal Revenue Code of 1986 is amended by inserting after section 7702B the following new section: ``SEC. 7702C. TREATMENT OF APPLICABLE PRIVATE PLACEMENT CONTRACT…