HR 377
Puerto Rico Insurance Excise Tax Exemption Act of 2023
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill aims to exempt certain insurance policies issued by businesses based in U.S. territories like Puerto Rico from a federal excise tax. Specifically, it covers policies, indemnity bonds, annuity contracts, and reinsurance policies offered by partnerships or corporations formed under territorial law. The exemption applies unless the same risks are also covered by reinsurance from a foreign insurer. This change is intended to reduce the tax burden on insurance providers operating within these territories.
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Primary sponsor
Jenniffer [R-PR-At Large] Rescom. González-Colón
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