US SB1335

Excludes notes, bonds, debentures, and other debt instruments held by applicable insurance companies from the definition of capital assets under Internal Revenue Code Section 1221(a)

Extends capital loss carryover period from 5 years to 10 years for applicable insurance companies

Defines "applicable insurance company" to include most insurance companies except small insurers with certain elections, foreign corporations under Section 842, and Blue Cross/Blue Shield-type organizations under Section 833

Includes face-amount certificate companies registered under the Investment Company Act of 1940 in the definition of applicable insurance company

Applies to debt instruments acquired and net capital losses arising in taxable years beginning after December 31, 2025