Mercer Select US - Budget proposal targets employer-owned life insurance

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Budget proposal targets employer-owned life insurance

Employers would have less future incentive to buy corporate-owned life insurance (COLI) or bank-owned life insurance (BOLI) if a provision in President Obama's 2010 budget proposal becomes law. The provision would eliminate tax deductions for interest payments allocable to policies on officers, directors and employees (other than 20 percent owners). Policies purchased before the date of enactment would be grandfathered. Employers often use COLI or BOLI to fund post-employment benefits, such as nonqualified deferred compensation. (Select News, 27 May 2009)

Full text of explanations of FY 2010 revenue proposals (Treasury, May 2009) (PDF)

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