00 Introduced in House Feb 9, 2021
Group Term Life Insurance Increase Act This bill increases the limit on the amount of employer-provided group term life insurance that an employee may exclude from gross income for income tax purposes. Currently, an employee may exclude from gross income up to $50,000 of the cost of such insurance plus any amount paid by the employee for the purchase of such insurance. The bill increases the $50,000 limit to $375,000, and adjusts such increased limit for inflation in taxable years beginning after 2021.
![Rep. Burgess, Michael C. [R-TX-26]](https://www.congress.gov/img/member/b001248_200.jpg)