S 2485
117th Congress
Senate
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: July 27, 2021
See on congress.gov
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
Plain-English summary
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
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1