HR367Referred to Committee

Territorial Tax Parity and Clarification Act

Share:
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

Currently in

Previously

Plain-English Summary

Territorial Tax Parity and Clarification Act This 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. As background, 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. Under current law, the IRS may limit the 10% tax payment requirement related to income from such personal property sales in Guam, American Samoa, the Northern Mariana Islands, and Puerto Rico. This bill expands the IRS’s authority to include limiting the tax requirement for personal property sales in the Virgin Islands.

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

Subjects

Taxation
Full bill text is not yet cached locally.
Open text viewRead on Congress.gov

Related legislation

Bills by the same sponsor or covering overlapping subjects.