TEMPORARY SPECIAL RULES FOR TAXATION OF LIFE INSURANCE COMPANIES.

SEC. 611. TEMPORARY SPECIAL RULES FOR TAXATION OF LIFE INSURANCE COMPANIES. (a) Reduction in Mutual Life Insurance Company Deductions Not To Apply in Certain Years.—Section 809 (relating to reduction in certain deductions of material life insurance companies) is amended by adding at the end the following: “(j) Differential Earnings Rate Treated as Zero for Certain Years.—Notwithstanding subsection (c) or (f), the differential earnings rate shall be treated as zero for purposes of computing both the differential earnings amount and the recomputed differential earnings amount for a mutual life insurance company's taxable years beginning in 2001, 2002, or 2003.”. (b) Effective Date.—The amendment made by this section shall apply to taxable years beginning after December 31, 2000.