Secure Family Futures Act of 2024

This bill amends the tax code to exclude certain debt instruments (like bonds or notes) held by specific insurance companies from being counted as capital assets. It directly affects insurance companies that do not have certain tax elections in place (e.g., under sections 831(b) or 835(a)), are not foreign corporations under section 842, and are not subject to section 833. The key provision removes these debt holdings from capital asset classification, changing how such assets are treated for tax purposes. A transition rule allows taxpayers to treat prior capital loss carryovers related to this debt as net operating losses for affected tax years. The bill's title "Secure Family Futures Act" does not reflect its actual tax-focused provisions.