HR 8646
116th Congress
House
Taxation
Business investment and capital
Caribbean area
Corporate finance and management
Employee benefits and pensions
Foreign and international corporations
Income tax credits
Puerto Rico
U.S. territories and protectorates
Virgin Islands
Wages and earnings
Territory Economic Development Tax Credit Act
Introduced: October 20, 2020
Introduced by:
Suozzi, Thomas R.
Democratic
· New York
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 20, 2020
Referred to the House Committee on Ways and Means.
Oct 20, 2020
Introduced in House
Plain-English summary
Territory Economic Development Tax Credit Act
This bill establishes a new tax credit for wages and tangible investments made by U.S. domestic corporations with branches operating in U.S. territories. It requires that 80% of credible income must be derived from a territory during a 3-year period, and 75% must come from an active trade or business in a territory. The credit is equal to 40% of eligible wages and benefits paid or provided to employees in the territory, subject to certain limitations.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1