| 1 | 1 | | I |
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| 2 | 2 | | 118THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION H. R. 377 |
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| 5 | 5 | | To amend the Internal Revenue Code of 1986 to exempt from the foreign |
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| 6 | 6 | | insurer excise tax certain insurance policies issued by United States |
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| 7 | 7 | | territory and possession insurers. |
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| 8 | 8 | | IN THE HOUSE OF REPRESENTATIVES |
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| 9 | 9 | | JANUARY17, 2023 |
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| 10 | 10 | | Mrs. G |
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| 11 | 11 | | ONZA´LEZ-COLO´Nintroduced the following bill; which was referred to |
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| 12 | 12 | | the Committee on Ways and Means |
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| 13 | 13 | | A BILL |
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| 14 | 14 | | To amend the Internal Revenue Code of 1986 to exempt |
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| 15 | 15 | | from the foreign insurer excise tax certain insurance |
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| 16 | 16 | | policies issued by United States territory and possession |
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| 17 | 17 | | insurers. |
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| 18 | 18 | | Be it enacted by the Senate and House of Representa-1 |
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| 19 | 19 | | tives of the United States of America in Congress assembled, 2 |
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| 20 | 20 | | SECTION 1. SHORT TITLE. 3 |
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| 21 | 21 | | This Act may be cited as the ‘‘Puerto Rico Insurance 4 |
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| 22 | 22 | | Excise Tax Exemption Act of 2023’’. 5 |
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| 23 | 23 | | VerDate Sep 11 2014 03:39 Jan 28, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H377.IH H377 |
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| 24 | 24 | | kjohnson on DSK79L0C42PROD with BILLS 2 |
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| 25 | 25 | | •HR 377 IH |
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| 26 | 26 | | SEC. 2. CERTAIN INSURANCE POLICIES ISSUED BY UNITED 1 |
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| 27 | 27 | | STATES TERRITORY AND POSSESSION INSUR-2 |
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| 28 | 28 | | ERS EXEMPT FROM FOREIGN INSURER EX-3 |
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| 29 | 29 | | CISE TAX. 4 |
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| 30 | 30 | | (a) I |
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| 31 | 31 | | NGENERAL.—Section 4373 of the Internal Rev-5 |
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| 32 | 32 | | enue Code of 1986 is amended by adding at the end the 6 |
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| 33 | 33 | | following new paragraph: 7 |
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| 34 | 34 | | ‘‘(3) T |
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| 35 | 35 | | ERRITORIES AND POSSESSIONS .—Any 8 |
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| 36 | 36 | | policy of insurance, indemnity bond, annuity con-9 |
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| 37 | 37 | | tract, or policy of reinsurance issued by a partner-10 |
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| 38 | 38 | | ship or corporation created or organized under the 11 |
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| 39 | 39 | | laws of any territory or possession of the United 12 |
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| 40 | 40 | | States, unless any of the hazards, risks, losses, or li-13 |
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| 41 | 41 | | abilities covered thereby are covered by a policy of 14 |
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| 42 | 42 | | reinsurance issued by a foreign insurer or reinsurer 15 |
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| 43 | 43 | | (other than such a partnership or corporation).’’. 16 |
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| 44 | 44 | | (b) E |
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| 45 | 45 | | FFECTIVEDATE.—The amendments made by 17 |
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| 46 | 46 | | this section shall apply to premiums paid after the date 18 |
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| 47 | 47 | | of the enactment of this Act. 19 |
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| 48 | 48 | | Æ |
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| 49 | 49 | | VerDate Sep 11 2014 03:39 Jan 28, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H377.IH H377 |
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| 50 | 50 | | kjohnson on DSK79L0C42PROD with BILLS |
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