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HR 1055 118th Congress House Taxation American Samoa Guam Income tax exclusion Northern Mariana Islands Puerto Rico Taxation of foreign income U.S. territories and protectorates Virgin Islands

Territorial Economic Recovery Act

Introduced: February 14, 2023 Introduced by: Plaskett, Stacey E. Democratic · Virgin Islands See on congress.gov
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) 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
Feb 14, 2023
Referred to the House Committee on Ways and Means.
Feb 14, 2023
Introduced in House
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 Plain-English summary Congressional Research Service

Territorial Economic Recovery Act

This bill restores the favorable tax treatment of investment in U.S. territories and possessions. It treats such investment as domestic rather than foreign investment and requires investors to have an active trade or business in a U.S. territory or possession with a certain percentage of income derived from such territory or possession.

What's happening now February 14, 2023

Referred to the House Committee on Ways and Means.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Velázquez, Nydia M.
New York · Feb 14, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1055: Territorial Economic Recovery Act. 118th Congress. Open America. https://openamerica.io/bill/118-HR-1055/
MLA
"H.R. 1055: Territorial Economic Recovery Act." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-1055/.
Bluebook (legal)
H.R. 1055, 118th Cong. (2026), https://openamerica.io/bill/118-HR-1055/.
Markdown link
[H.R. 1055: Territorial Economic Recovery Act](https://openamerica.io/bill/118-HR-1055/)
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