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Tax Exemption for Puerto Rico and US Territory Insurance Policies

This act exempts insurance policies issued by companies in Puerto Rico and other U.S. territories from a specific excise tax. This could lead to lower insurance costs for residents and businesses in these areas, potentially impacting their personal finances. The changes apply to premiums paid after the act's enactment.
Key points
Insurance companies from Puerto Rico and other U.S. territories will no longer pay a specific excise tax on policies.
This may reduce insurance costs for individuals and businesses in these territories, affecting their expenses.
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Expired
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Additional Information
Print number: 118_HR_377
Sponsor: Rescom. González-Colón, Jenniffer [R-PR-At Large]
Process start date: 2023-01-17
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Puerto Rico Insurance Excise Tax Exemption Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_377.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-01-17.

What are the main provisions?

Key points include:

  • Insurance companies from Puerto Rico and other U.S. territories will no longer pay a specific excise tax on policies.
  • This may reduce insurance costs for individuals and businesses in these territories, affecting their expenses.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rescom. González-Colón, Jenniffer [R-PR-At Large].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Taxes