[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2180 Introduced in House (IH)]






109th CONGRESS
  1st Session
                                H. R. 2180

 To amend the Internal Revenue Code of 1986 to provide for the proper 
tax treatment of variable contracts issued by life insurance companies 
                  subject to the laws of Puerto Rico.


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                    IN THE HOUSE OF REPRESENTATIVES

                              May 5, 2005

 Mr. Fortuno 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 provide for the proper 
tax treatment of variable contracts issued by life insurance companies 
                  subject to the laws of Puerto Rico.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TAX TREATMENT OF VARIABLE CONTRACTS ISSUED BY LIFE INSURANCE 
              COMPANIES SUBJECT TO THE LAWS OF PUERTO RICO.

    (a) In General.--Paragraph (1) of section 817(d) of the Internal 
Revenue Code of 1986 (relating to variable contract defined) is amended 
by striking ``pursuant to State law or regulation'' and inserting 
``pursuant to the law or regulation of a State or Puerto Rico''.
    (b) Effective Date.--The amendment made by this section shall apply 
to contracts issued after the date of the enactment of this Act.
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