HR365Referred to Committee

Territorial Tax Parity Act of 2025

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2025-01-13
Introduced
0
Cosponsors
HR
ⓘ
Type

Sponsor

Stacey E. Plaskett
Stacey E. Plaskett
Democrat · VI · Representative
Votes with party: 97.6% (42 recorded votes)

Full profile: /officials/P000610

Source: Congress.gov · FEC

Cosponsors (0)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

No cosponsors on record. Bills can pass without cosponsors — this often means the sponsor introduced the bill alone, either because it's a messaging bill, a chairman's mark, or simply early in the legislative cycle.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Referred to the House Committee on Ways and Means.

2025-01-13

Source: Congress.gov

Committee Activity

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Plain-English Summary

Territorial Tax Equity Parity Act of 2025 This bill modifies the income sourcing rules related to taxation of income from U.S. territories. Under the bill, income is U.S.-sourced income or effectively connected to a U.S. trade or business only if attributable to an office or fixed place of business in the United States. (Currently, income is sourced to a U.S. territory and, thus, may be excluded from the gross income of a bona fide resident of a U.S. territory in calculating U.S. federal income tax if it is not U.S.-sourced income or effectively connected with a U.S. trade or business.) Further, the bill authorizes the Internal Revenue Service (IRS) to limit the income tax payment to the Virgin Islands required to treat income from the sale of certain personal property as foreign-sourced income for federal tax purposes. (Currently, income from certain personal property sales from a fixed place of business in a U.S. territory by a U.S. resident may be U.S.-sourced income unless an income tax of at least 10% is paid to the U.S. territory. The Internal Revenue Service (IRS) may limit the 10% tax payment requirement related to income from personal property sales in Guam, American Samoa, the Northern Mariana Islands, and Puerto Rico.)

Plain-English rewrite of the Congressional Research Service summary published on Congress.gov. Cached and reviewed.

Subjects

Taxation
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Related legislation

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