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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
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This bill died when the 116th Congress ended
It never became law before the 116th Congress (2019–2020) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
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 Plain-English summary Congressional Research Service

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 October 20, 2020

Referred to the House Committee on Ways and Means.

 Related & companion bills 1
  • S 4783 Identical bill Territory Economic Development Tax Credit Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Velázquez, Nydia M.
New York · Oct 20, 2020
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 8646: Territory Economic Development Tax Credit Act. 116th Congress. Open America. https://openamerica.io/bill/116-HR-8646/
MLA
"H.R. 8646: Territory Economic Development Tax Credit Act." 116th Congress, 2026, Open America, https://openamerica.io/bill/116-HR-8646/.
Bluebook (legal)
H.R. 8646, 116th Cong. (2026), https://openamerica.io/bill/116-HR-8646/.
Markdown link
[H.R. 8646: Territory Economic Development Tax Credit Act](https://openamerica.io/bill/116-HR-8646/)
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