Secure Family Futures Act of 2024

This bill amends the Internal Revenue Code to exclude certain debt held by insurance companies from being treated as capital assets, changing how gains or losses from selling such debt are taxed.

Sec. 2, Debt not treated as capital asset for applicable insurance companies: This section adds a new category to the list of assets that are not capital assets, specifically any note, bond, debenture, or other evidence of indebtedness held by an applicable insurance company. It defines an applicable insurance company as any insurance company except those that have elected certain tax treatments under sections 831(b)(2)(A)(iii) or 835(a), foreign corporations described in section 842, or organizations to which section 833 applies. It also includes face-amount certificate companies registered under the Investment Company Act of 1940. The changes apply to dispositions after the bill's enactment date, and there is a transition rule allowing taxpayers to treat capital loss carryovers from such assets before that date as net operating loss carryovers.