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HR 1039 118th Congress House Taxation Income tax rates Tax administration and collection, taxpayers U.S. territories and protectorates Virgin Islands

Territorial Tax Parity and Fairness 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 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 17, 2024
Referred to the Subcommittee on Trade.
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 Fairness Act

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 December 17, 2024

Referred to the Subcommittee on Trade.

 Committees of jurisdiction 2