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In the 1970s, life insurance carriers offered cash value policies with tax-free growth, allowing policy owners to withdraw interest and principle tax-free. Congress enacted the Technical and Miscellaneous Revenue Act of 1988 (TAMRA) to counter this tax shelter abuse. TAMRA created the Modified Endowment Contract (MEC) classification, which requires flexible premium policies to pass the 7-pay test to prevent them from becoming MECs. Policies that exceed premium limits become MECs and lose tax advantages. MEC classification is irrevocable, but unused cap space can accumulate.
