Puerto Rico Insurance Excise Tax Exemption Act of 2019

I 116TH CONGRESS 1ST SESSION H. R. 1483 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. IN THE HOUSE OF REPRESENTATIVES MARCH 4, 2019 Miss GONZA´LEZ-COLO´N of Puerto Rico (for herself, Mrs. KIRKPATRICK, Mr. KING of New York, Mr. FITZPATRICK, and Mr. SOTO) introduced the fol- lowing 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. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Puerto Rico Insurance 4 Excise Tax Exemption Act of 2019’’. 5 VerDate Sep 11 2014 04:49 Mar 15, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1483.IH H1483 kjohnson on DSK79L0C42 with BILLS 2 •HR 1483 IH SEC. 2. CERTAIN INSURANCE POLICIES ISSUED BY UNITED 1 STATES TERRITORY AND POSSESSION INSUR- 2 ERS EXEMPT FROM FOREIGN INSURER EX- 3 CISE TAX. 4 (a) IN GENERAL.—Section 4373 of the Internal Rev- 5 enue Code of 1986 is amended by adding at the end the 6 following new paragraph: 7 ‘‘(3) TERRITORIES AND POSSESSIONS.—Any 8 policy of insurance, indemnity bond, annuity con- 9 tract, or policy of reinsurance issued by a partner- 10 ship or corporation created or organized under the 11 laws of any territory or possession of the United 12 States, unless any of the hazards, risks, losses, or li- 13 abilities covered thereby are covered by a policy of 14 reinsurance issued by a foreign insurer or reinsurer 15 (other than such a partnership or corporation).’’. 16 (b) EFFECTIVE DATE.—The amendments made by 17 this section shall apply to premiums paid after the date 18 of the enactment of this Act. 19 Æ VerDate Sep 11 2014 04:49 Mar 15, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H1483.IH H1483 kjohnson on DSK79L0C42 with BILLS