Feenstra Introduces Legislation to Correct Tax Code and Support Financial Security for Iowa Families

U.S. Rep. Randy Feenstra (R-Hull), alongside Rep. Terri Sewell (D-AL), introduced the Secure Family Futures Act to apply ordinary treatment of debt investments for certain insurance companies, which in turn, would help secure life insurance policies, at a lower cost, for American families.

“Our economy and our tax code need to support the financial security of our families, and we’ve made tremendous progress on this effort in recent years to help folks save for the future and protect their finances. It’s time we build on that progress and fix the misalignment in our tax code that creates high costs and unnecessary risks for life insurance,” said Rep. Feenstra. “I’m proud to work with Congresswoman Sewell to repeal capital treatment for debt investments and help every family achieve financial security and prepare for tomorrow.”

“Investments in bonds are investments into American businesses and our communities,” said Rep. Sewell. “The ‘Secure Family Futures Act’ is a major step that will ensure such investments provide returns to policyholders while simultaneously improving our economy through job growth and innovation.”

“Making this correction to the tax code will help to make sure essential capital keeps flowing in the U.S. economy for job creation and community development. This source of investment in America comes from an industry that is working to ensure access to affordable financial protection and certainty for families. With this legislative proposal, Rep. Randy Feenstra and Rep. Terri Sewell are providing important leadership for communities and families,” said Susan K. Neely, ACLI President and CEO.

Iowa’s life insurance industry supports nearly 54,000 jobs, $66 billion in investment, and $4.6 billion in benefits paid to Iowa families.