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Territorial Tax Parity and Clarification Act
H.R. 367, 119th Congress
- Status
- In committee
- Introduced
- 01/13/2025
- Cosponsors
- 0
- Latest action
- 01/13/2025
About this bill
- Official title
- Territorial Tax Parity and Clarification Act
- Sponsor
- Stacey Plaskett (D-VI)
- Introduced in
- House
- Policy area
- Taxation
- Committees
- Ways and Means Committee
- Latest action
- Referred to the House Committee on Ways and Means.
Summary
Congressional Research Service, Introduced in House (01/13/2025)
Territorial Tax Parity and Clarification Act
This bill authorizes the Internal Revenue Service (IRS) to limit the income tax payment to the Virgin Islands required to treat income from the sale of certain personal property as foreign-sourced income for federal tax purposes.
As background, income from certain personal property sales from a fixed place of business in a U.S. territory by a U.S. resident may be U.S.-sourced income unless an income tax of at least 10% is paid to the U.S. territory. Under current law, the IRS may limit the 10% tax payment requirement related to income from such personal property sales in Guam, American Samoa, the Northern Mariana Islands, and Puerto Rico.
This bill expands the IRS’s authority to include limiting the tax requirement for personal property sales in the Virgin Islands.
Actions
Newest first
- 01/13/2025 · House
Referred to the House Committee on Ways and Means.
- 01/13/2025
Introduced in House
Subjects: Caribbean area, Energy prices, Oil and gas, Sales and excise taxes, U.S. territories and protectorates, Virgin Islands.
Source: U.S. Government Publishing Office, GovInfo Bill Status; Congressional Research Service summaries · Last updated 01/13/2025