S.993: A bill to amend the Internal Revenue Code of 1986 to impose an excise tax on amounts received under certain insurance policies in which certain exempt organizations hold an interest.

Amends the Internal Revenue Code to impose an excise tax on certain tax-exempt organizations or other nonexempt persons which acquire a direct or indirect interest in any life insurance, annuity, or endowment contract for 100 percent of the acquisition costs of such interest. Allows an exception from such tax for individuals with insurable interests, named beneficiaries, and trust beneficiaries. Requires tax-exempt organizations and other...

(Source: Library of Congress)