H.R. 377 — Introduced in House

I 118th CONGRESS 1st Session H. R. 377 IN THE HOUSE OF REPRESENTATIVES January 17, 2023 Mrs. González-Colón introduced 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. 1. Short title This Act may be cited as the Puerto Rico Insurance Excise Tax Exemption Act of 2023. 2. Certain insurance policies issued by United States territory and possession insurers exempt from foreign insurer excise tax (a) In general Section 4373 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (3) Territories and possessions Any policy of insurance, indemnity bond, annuity contract, or policy of reinsurance issued by a partnership or corporation created or organized under the laws of any territory or possession of the United States, unless any of the hazards, risks, losses, or liabilities covered thereby are covered by a policy of reinsurance issued by a foreign insurer or reinsurer (other than such a partnership or corporation). . (b) Effective date The amendments made by this section shall apply to premiums paid after the date of the enactment of this Act.