[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1968 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 1968

 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.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 17, 2021

 Miss Gonzalez-Colon introduced the following bill; which was referred 
                   to the Committee on Ways and Means

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                                 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 Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Puerto Rico Insurance Excise Tax 
Exemption Act of 2021''.

SEC. 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.
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