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.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
The bill exempts short title This Act may be cited as the Puerto Rico Insurance Excise Tax Exemption Act of 2023 and requires certain insurance policies issued by United States territory and possession insurers exempt from foreign insurer excise tax Section 4373 of the Internal Revenue Code of 1986 is amended by adding at the end. It relies on tax rate changes, exemptions, compliance mandates, and procurement rules. The main policy areas are Regulated Industries.
Who Benefits and How
Regulated entities and members of the public affected by the bill could face lower compliance burdens.
Who Bears the Burden and How
Public beneficiaries or protected communities affected by the clause could face increased risk and Federal, state, or local agencies responsible for implementing the clause would take on compliance duties.
Key Provisions
- Exempts short title This Act may be cited as the Puerto Rico Insurance Excise Tax Exemption Act of 2023.
- Requires certain insurance policies issued by United States territory and possession insurers exempt from foreign insurer excise tax Section 4373 of the Internal Revenue Code of 1986 is amended by adding at the end...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill exempts short title This Act may be cited as the Puerto Rico Insurance Excise Tax Exemption Act of 2023 and requires certain insurance policies issued by United States territory and possession insurers exempt from foreign insurer excise tax Section 4373 of the Internal Revenue Code of 1986 is amended by adding at the end.
Key Policy Areas
Regulated Industries
Primary Purpose
The bill exempts short title This Act may be cited as the Puerto Rico Insurance Excise Tax Exemption Act of 2023 and requires certain insurance policies issued by United States territory and possession insurers exempt from foreign insurer excise tax Section 4373 of the Internal Revenue Code of 1986 is amended by adding at the end.
Policy Domains
Whole bill
Identified Gains
- Regulated entities and members of the public affected by the bill
Identified Costs
- Public beneficiaries or protected communities affected by the clause
- Federal, state, or local agencies responsible for implementing the clause
Legislative Progress
IntroducedMrs. González-Colón introduced the following bill; which was referred to …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology