Bill 119 HR 364, also known as the Economic Recovery in US Possessions Act, aims to make changes to the Internal Revenue Code of 1986 in order to stimulate economic growth in the territories and possessions of the United States. The bill specifically focuses on modifying the residence and source rules to provide economic relief in these areas.
The bill seeks to address the unique challenges faced by US territories and possessions, such as Puerto Rico, Guam, the US Virgin Islands, and American Samoa, by creating incentives for businesses and individuals to invest and operate in these regions. By modifying the residence and source rules, the bill aims to encourage economic development and job creation in these areas.
Overall, the Economic Recovery in US Possessions Act is designed to support the economic recovery and growth of US territories and possessions by providing tax incentives and benefits to businesses and individuals operating in these regions. The bill aims to create a more favorable environment for investment and economic activity in order to stimulate growth and prosperity in these areas.