119th Congress · introduced in the House · Jan 13, 2025
Territorial Tax Parity and Clarification Act
Official title from Congress.gov
Latest action (Jan 13, 2025): Referred to the House Committee on Ways and Means.
View on Congress.govPolicy area: Taxation
Congressional Research Service summary, version: Introduced in House (Jan 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.
No cosponsors.
Includes amendment, cloture, and procedural votes. Each is labeled with its exact question; only a passage question is a vote to pass the bill.
No recorded roll calls on this bill in coverage.
Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Actions from Congress.gov, newest first.
Caribbean area · Energy prices · Oil and gas · Sales and excise taxes · U.S. territories and protectorates · Virgin Islands
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