To require a report on Puerto Rico's progress toward rebuilding the electric grid and detailing the efforts the Federal Government is undertaking to expedite such rebuilding, and for other purposes.
Puerto Rico Air Cargo Industry Empowerment Act This bill modifies foreign civil aircraft regulation with respect to air cargo in Puerto Rico. Current law prohibits foreign civil aircraft from exchanging cargo in the United States unless the aircraft is specifically authorized to do so or the exchange occurs in Alaska. This bill applies air cargo regulation to Puerto Rico in the same way that it applies to Alaska. Thus, the bill allows foreign civil aircraft to stop in Puerto Rico and exchange cargo with other air carriers.
Puerto Rico Film, Television, and Theatre Production Act of 2023 This bill extends the expensing provisions for film, television, and theater productions to productions in Puerto Rico. (Expensing permits the write-off of property costs in the current taxable year rather than amortizing such costs over a period of years.)
Puerto Rico Insurance Excise Tax Exemption Act of 2023 This bill exempts from the foreign insurer excise tax certain insurance policies, indemnity bonds, annuity contracts, or reinsurance policies issued by partnerships or corporations created or organized under the laws of a U.S. territory or possession. The exemption applies unless any of the covered hazards, risks, losses, or liabilities are also covered by a reinsurance policy issued by a foreign insurer or reinsurer other than the partnership or corporation.
This bill removes conditions on the designation of Puerto Rico as a qualified opportunity zone. In general, a qualified opportunity zone is an economically-distressed community where new investment may be eligible for preferential tax treatment.
Vieques Recovery and Redevelopment Act of 2023 This bill provides a framework to compensate certain residents of the island of Vieques, Puerto Rico, for the use of such island for military readiness. The bill sets forth provisions regarding award amounts for individuals and for claims by the municipality of Vieques. An individual claimant shall be awarded monetary compensation if the claimant contracted a chronic, life threatening, or physical or mental disease or illness, during or after the government used the island for military readiness.