Jim Bunning: “I support repeal of this arcane provision of the tax code relating to the taxation of mutual insurance companies. I also…”

“I support repeal of this arcane provision of the tax code relating to the taxation of mutual insurance companies. I also support the repeal of another equally arcane provision of the tax code--Section 815 which affects stock insurance companies. This provision, which triggers a tax on a fictitious account under certain circumstances and unduly ties up needed capital, is unnecessarily complex and antiquated. Repeal of this provision will allow the affected companies to gain access to these idle funds and use them to expand their businesses and hire more employees. I am pleased that the JOBS Act, which we are also considering on the floor of the Senate, contains a temporary repeal of Section 815 and I urge the Senate to consider full repeal of this provision at the earliest possible opportunity.”