Territorial Tax Parity Act of 2023
- Last Action
- 2/14/2023
Actions
- 2023-02-14Referred to the House Committee on Ways and Means.
- 2023-02-14Introduced in House
- 2023-02-14Introduced in House
CRS Summary
As of 2023-02-14 (00)
Territorial Tax Parity Act of 2023
This bill modifies the income source rules involving U.S. possessions, including Guam, American Samoa, the Northern Mariana Islands, Puerto Rico, and the Virgin Islands.
Under current law, income is not considered to be possession source income if it is treated as income (1) from sources within the United States, or (2) effectively connected with the conduct of a trade or business within the United States. The bill amends this rule to specify that it applies to the extent that the income is attributable to an office or fixed place of business within the United States.
The bill also modifies the income source rules that apply to certain personal property sales in the Virgin Islands.
Subjects
- American Samoa
- Caribbean area
- Guam
- Northern Mariana Islands
- Puerto Rico
- Tax administration and collection, taxpayers
- Taxation of foreign income
- U.S. territories and protectorates
- Virgin Islands
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.