P.R. Laws tit. 13, § 30501
(a) Definition. — As used in §§ 30501—30503 of this title, the term “life insurance company” means an insurance company engaged in the business of issuing life insurance and annuity contracts, including combined with life, health and accident insurance, whose reserve funds for the fulfillment of said contracts comprise more than fifty percent (50%) of its total reserve funds.
(b) Imposition of tax. —
(1) In general. — There shall be imposed, collected, and paid for each taxable year upon the net income subject to normal tax as defined in subsection (c), and upon the net income subject to surtax as defined in subsection (d), of every life insurance company, the same tax rates imposed on other corporations in §§ 30071(b) and 30072(b) of this title.
(c) Net income subject to normal tax. — For purposes of this section, the term “net income subject to normal tax” means the net income as defined in § 30503 of this title.
(d) Net income subject to surtax. — For purposes of this section, the term “net income subject to surtax” means the net income subject to normal tax as defined in subsection (c), minus the deduction provided in § 30072(d) of this title.
(e) Alternative minimum tax. — Domestic life insurance companies shall be subject to the provisions related to alternative minimum tax for corporations.
History —Jan. 31, 2011, No. 1, § 1111.01, retroactive to Jan. 1, 2011.