U.S. Congressman Michael C. Burgess, M.D. (R-TX), Republican Leader of the Energy and Commerce Subcommittee on Health, recently reintroduced H.R. 2614, the Group Term Life Insurance Increase Act. This bill would amend the Internal Revenue Code of 1986 to increase the dollar limitation on employer-provided group term life insurance that can be excluded from the gross income of the employee, according to a news release from Burgess’ office.
“The Group Term Life Insurance Increase Act gives American workers the opportunity to save for their futures, while bringing our laws into the 21st century,” Burgess said in a prepared statement. “Whereas existing policy caps Americans’ ability to save, this commonsense approach ties the amount of employer-provided group term life insurance that an employee can exclude from gross income for income tax purposes to the Chained Consumer Price Index, giving employees the opportunity to increase their benefits as our economy grows. Since 2005, I have introduced this legislation in the hope of offering Americans in North Texas and around the country peace of mind and a better future. I hope that it will gain widespread support in the House.”
Burgess has introduced the Group Term Life Insurance Increase Act seven times since 2005. The full text of H.R. 2614 is available here.
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