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HR 1037 118th Congress House Taxation Caribbean area Energy prices Oil and gas Sales and excise taxes U.S. territories and protectorates Virgin Islands

Territorial Tax Parity and Clarification Act

Introduced: February 14, 2023 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 14, 2023
Referred to the House Committee on Ways and Means.
Feb 14, 2023
Introduced in House
 Plain-English summary Congressional Research Service

Territorial Tax Parity and Clarification Act

This bill modifies the income source rules that apply with respect to the taxation of capital gains from certain personal property sales in the U.S. Virgin Islands (USVI).

Specifically, the bill requires capital gains income earned by a USVI resident to be considered USVI source income regardless of the tax rate imposed by the USVI government. (Under current law, a similar rule applies to other U.S. territories, including Guam, American Samoa, the Northern Mariana Islands, and Puerto Rico.)

What's happening now February 14, 2023

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1