Bloomberg Tax
July 12, 2023, 6:37 PM

Current Status of Legislation Related to U.S. International Tax

Stephen Peng
Stephen Peng
Ernst & Young
Rebecca Burch
Rebecca Burch
Ernst & Young

Bill No.: H.R. 377
Name: Puerto Rico Insurance Excise Tax Exemption Act of 2023
Sponsor: Gonzalez-Colon (R-PR)
Action: Introduced in the House of Representative on January 17, 2023
Provisions: The bill aims to amend provisions of the Internal Revenue Code to exempt from the foreign insurance excise tax certain insurance policies issued by U.S. territory and possession insurers. The bill would:

Amend §4373 to exempt from the foreign insurance excise tax under §4371 any policy of insurance, indemnity bond, annuity contract, or policy of reinsurance issued by a partnership or corporation organized under the laws of any territory or possession ...

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