AALU Timeline of Success

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AALU Timeline of Success 1984-1985

Tax on Life Insurance Inside Buildup Defeated.

1990

Legislation to Change Treatment of Business Uses of Life Insurance Proposed; Does Not Advance.

1992

Tax on Corporate Owned Life Insurance (COLI) and Annuities Defeated.

1998-2000 2002 2003-2006 2010

Attacks on COLI, Annuities, Variable Life, and More Defeated.

Non-Qualified Deferred Compensation (NQDC) and COLI Attacks Repelled.

COLI “Best Practices” and Benefits Legislation Signed Into Law. Reunification of Estate and Gift Tax and Exemptions Enacted. Language in Dodd-Frank to Study and Safeguard Standards of Conduct at the SEC.

2012

2009-2013

Estate Tax Reform with Reunification Made Permanent.

Series of Taxes on COLI & DRD Rebuffed.

2014

Tax Reform Legislation Dies; Included $60 Billion in Taxes Against Carriers and Products.

2015

Inside Buildup of Life Insurance and Annuities Taken off the Joint Committee on Taxation’s Tax Expenditure List.

2017

Inside Buildup of Life Insurance and Annuities Taken off the Treasury Department’s Tax Expenditures List. Tax Cuts and Jobs Act (TCJA) Key Results: • No debate on inside buildup in 2017 tax reform • Exemption temporarily doubled, no repeal of the estate tax • No Camp draft like attack on COLI/BOLI marketplace • Attacks on deferred compensation were defeated in the House and Senate • Solvency preserved through work with industry partners and the ACLI

2018

Onerous Department of Labor Fiduciary Rule Vacated by 5th Circuit Court of Appeals. www.aalu.org