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S. 2485 117th Congress Senate

Territory Economic Development Tax Credit Act

Official title: A bill to amend the Internal Revenue Code of 1986 to provide a credit for economic activity in possessions of the United States.

Introduced: August 3, 2021 See on congress.gov
Taxation Business investment and capitalCaribbean areaCorporate finance and managementEmployee benefits and pensions
More subjectsShow fewer subjects
Foreign and international corporationsIncome tax creditsPuerto RicoU.S. territories and protectoratesVirgin IslandsWages and earnings
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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
Jul 27, 2021
Read twice and referred to the Committee on Finance.
Jul 27, 2021
Introduced in Senate
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 Latest action July 27, 2021

Read twice and referred to the Committee on Finance.

 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.

 Related & companion bills 1
  • HR 5032 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 Republican 1
R
Wicker, Roger F.
Mississippi · Aug 3, 2021
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2485: Territory Economic Development Tax Credit Act. 117th Congress. Open America. https://openamerica.io/bill/117-S-2485/
MLA
"S. 2485: Territory Economic Development Tax Credit Act." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-S-2485/.
Bluebook (legal)
S. 2485, 117th Cong. (2026), https://openamerica.io/bill/117-S-2485/.
Markdown link
[S. 2485: Territory Economic Development Tax Credit Act](https://openamerica.io/bill/117-S-2485/)
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