Capital loss carryovers incurred by applicable insurance companies allowed for 10 years

(a) In general Section 1212(a)(1)(C) of the Internal Revenue Code of 1986 is amended to read as follows: (C) a capital loss carryover to each of the 10 taxable years succeeding the loss year, but only to the extent such loss— (i) is attributable to a foreign expropriation loss, or (ii) was incurred by an applicable insurance company (as defined in section 1221(b)(4)).. (b) Effective date The amendment made by this section shall apply to net capital losses arising in taxable years beginning after December 31, 2025.