118th Congress Taxation
H.R. 1034: Territorial Tax Equity and Economic Growth Act of 2023
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill modifies the residence and income source rules that apply with respect to the taxation of income from U.S. possessions (i.e., Guam, American Samoa, the Northern Mariana Islands, Puerto Rico, and the Virgin Islands).
The bill specifies that a bona fide resident of a possession must have a substantial presence in the possession for at least 122 days during the year. Under current law, the person must be present for at least 183 days during the year.
Under current law, income is not possession source income if it is treated as (1) income from sources within the United States, or (2) as effectively connected with the conduct of a trade or business within the United States. The bill amends this rule to
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- specify that it applies only to the extent that the income is attributable to an office or fixed place of business within the United States,
- specify principles that must be used to determine whether income from sources without a possession is effectively connected with the conduct of a trade or business within the possession, and
- prohibit income from activities within the United States which are of a preparatory or auxiliary character from being treated as income from sources within the United States or as effectively connected with the conduct of a trade or business within the United States.
The bill also modifies the income source rules that apply to certain personal property sales in the Virgin Islands.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
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Other bills by Stacey Plaskett
- H.R. 8121: To designate the Christiansted Bandstand at the Christiansted National Historic Site, St. Croix, Virgin Islands, as the "Peter G. Thurland, Sr., Bandstand".
- H.R. 1737: To direct the Secretary of Commerce to submit to Congress a report containing an assessment of the value, cost, and feasibility of a trans-Atlantic submarine fiber optic cable connecting the contiguous United States, the United States Virgin Islands, Ghana, and Nigeria.
- H.R. 5034: Lieutenant General Samuel E. Ebbesen Post Office (Christiansted, St. Croix, VI)
- H.R. 3385: DiasporaLink Act
History
- Introduced in the House by Stacey Plaskett.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Ways and Means.