U.S. Rep. Michael Burgess (R-TX) recently reintroduced the Group Term Life Insurance Increase Act, a measure the lawmaker has sponsored seven times during the last 14 years of congressional sessions to help American citizens grow their benefits along with the nation’s economy.
“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,” said Rep. Burgess, ranking member on the U.S. House Energy and Commerce Subcommittee on Health. “I hope that it will gain widespread support in the House.”
If enacted, H.R. 2614 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 from $50,000 to $375,000, according to the text of the bill.
“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,” Rep. Burgess said on May 31.
The lawmaker explained that because current 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.”
H.R. 2614, which Rep. Burgess sponsored on May 9, has been referred to the U.S. House Ways and Means Committee for consideration.