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H.R. 1968: Puerto Rico Insurance Excise Tax Exemption Act of 2021


The text of the bill below is as of Mar 17, 2021 (Introduced).


I

117th CONGRESS

1st Session

H. R. 1968

IN THE HOUSE OF REPRESENTATIVES

March 17, 2021

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 2021.

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.