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HR 5032 117th 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: August 13, 2021 Introduced by: Suozzi, Thomas R. Democratic · New York See on congress.gov
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) 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
Aug 13, 2021
Referred to the House Committee on Ways and Means.
Aug 13, 2021
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 August 13, 2021

Referred to the House Committee on Ways and Means.

 Related & companion bills 1
  • S 2485 Identical bill Territory Economic Development Tax Credit Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 2
D
Larson, John B.
Connecticut · Sep 22, 2021
Pascrell, Bill
· Aug 13, 2021
 D
Velázquez, Nydia M.
New York · Aug 13, 2021
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 5032: Territory Economic Development Tax Credit Act. 117th Congress. Open America. https://openamerica.io/bill/117-HR-5032/
MLA
"H.R. 5032: Territory Economic Development Tax Credit Act." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-HR-5032/.
Bluebook (legal)
H.R. 5032, 117th Cong. (2026), https://openamerica.io/bill/117-HR-5032/.
Markdown link
[H.R. 5032: Territory Economic Development Tax Credit Act](https://openamerica.io/bill/117-HR-5032/)
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