The North Carolina Captive Insurance Association has issued a statement to clarify a memo discussing the 831(b) tax election and the impact on the state’s captive insurance industry should Congress repeal the election.
In the statement, the NCCIA explained it is “not aware of any specific bill or section of any bill now pending in Congress that would repeal Section 831(b)”.
However, it said “there are ongoing discussions between the Congressional leadership and the White House as to tax reform, and how Congress might fund a major tax cut”.
It stated: “Hopefully, this clarification will assuage any captive industry concerns that Section 831(b) is on the chopping block. It is not.”
Click here to read the full article on the original memo, published in Captive Insurance Times on 14 September.
