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HR 1427 117th Congress House Taxation Income tax rates Tax administration and collection, taxpayers U.S. territories and protectorates Virgin Islands

To amend the Internal Revenue Code of 1986 to provide that certain bona fide residents of the Virgin Islands who are shareholders of corporations organized under the laws of the Virgin Islands are not treated as United States persons for purposes of determining certain inclusions in gross income with respect to such corporations.

Introduced: February 26, 2021 Introduced by: Plaskett, Stacey E. Democratic · Virgin Islands See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 26, 2021
Referred to the House Committee on Ways and Means.
Feb 26, 2021
Introduced in House
 Plain-English summary Congressional Research Service

This bill sets forth a tax rule with respect to certain bona fide residents of the U.S. Virgin Islands who are shareholders of corporations organized under the laws of the Virgin Islands. It provides that such residents shall not be treated as U.S. persons for purposes of determining inclusions in gross income with respect to such corporations.

What's happening now February 26, 2021

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1