S 3940
116th Congress
Senate
Taxation
American Samoa
Guam
Income tax exclusion
Northern Mariana Islands
Puerto Rico
Taxation of foreign income
U.S. territories and protectorates
Virgin Islands
Territorial Economic Recovery Act
Introduced: June 11, 2020
Introduced by:
Wicker, Roger F.
Republican
· Mississippi
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 11, 2020
Read twice and referred to the Committee on Finance.
Jun 11, 2020
Introduced in Senate
Plain-English summary
Territorial Economic Recovery Act
This bill restores the favorable tax treatment of investment in U.S. territories and possessions. It treats such investment as domestic rather than foreign investment and requires investors to have an active trade or business in a U.S. territory or possession with a certain percentage of income derived from such territory or possession.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1