HOUSE 1039118th CongressReferred to the Subcommittee on Trade.

Territorial Tax Parity and Fairness Act

Summary

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.

Last Action: 12/17/2024

Actions

2024-12-17Referred to the Subcommittee on Trade.
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 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.

Subjects

Income tax rates
Tax administration and collection, taxpayers
U.S. territories and protectorates
Virgin Islands

Read on Congress.gov

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