§6039I Returns and records with respect to employer-owned life insurance contracts

Summary

Requires any applicable policyholder who owns 1 or more employer-owned life insurance contracts issued after the date of enactment to file a yearly return, in the form and at the times the IRS requires. The return must report five things: the number of employees at year‑end; how many of those employees are insured under the contracts; the total amount of insurance in force at year‑end; the policyholder’s name, address, taxpayer identification number, and type of business; and whether the employer has a valid consent for each insured employee (or how many consents are missing). The employer must keep records needed to show it met these rules. Any word used here that is also used in section 101(j) has the same meaning as in section 101(j).