I
118THCONGRESS
1
STSESSION H. R. 377
To amend the Internal Revenue Code of 1986 to exempt from the foreign
insurer excise tax certain insurance policies issued by United States
territory and possession insurers.
IN THE HOUSE OF REPRESENTATIVES
JANUARY17, 2023
Mrs. G
ONZA´LEZ-COLO´Nintroduced the following bill; which was referred to
the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to exempt
from the foreign insurer excise tax certain insurance
policies issued by United States territory and possession
insurers.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Puerto Rico Insurance 4
Excise Tax Exemption Act of 2023’’. 5
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•HR 377 IH
SEC. 2. CERTAIN INSURANCE POLICIES ISSUED BY UNITED 1
STATES TERRITORY AND POSSESSION INSUR-2
ERS EXEMPT FROM FOREIGN INSURER EX-3
CISE TAX. 4
(a) I
NGENERAL.—Section 4373 of the Internal Rev-5
enue Code of 1986 is amended by adding at the end the 6
following new paragraph: 7
‘‘(3) T
ERRITORIES AND POSSESSIONS .—Any 8
policy of insurance, indemnity bond, annuity con-9
tract, or policy of reinsurance issued by a partner-10
ship or corporation created or organized under the 11
laws of any territory or possession of the United 12
States, unless any of the hazards, risks, losses, or li-13
abilities covered thereby are covered by a policy of 14
reinsurance issued by a foreign insurer or reinsurer 15
(other than such a partnership or corporation).’’. 16
(b) E
FFECTIVEDATE.—The amendments made by 17
this section shall apply to premiums paid after the date 18
of the enactment of this Act. 19
Æ
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