Corporate-owned life policies saved by senate.The U.S. Senate Finance Committee has approved legislation saving key tax benefits for companies that buy corporate-owned life insurance Corporate-owned life insurance (COLI) is life insurance on employees' lives that is owned by the employer corporation. COLI was originally purchased on the lives of key employees and executives by a company to hedge against the financial cost of losing key employees to policies on their employees. The legislation is part of the National Employee Savings and Trust Equity Guarantee Act, which was reported favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to the full Senate after the finance panel considered the legislation in an executive session the week of Feb. 2. The legislation in part addresses the tax laws that govern COLI COLI Corporate-Owned Life Insurance COLI Cost of Living Index COLI Chemometrics On-line Initiative policies. The industry's largest trade groups all have lobbied to retain the tax benefits companies reap from COLI policies after they were threatened last year. |
|
||||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion