Expressing the sense that the House of Representatives must take responsible and timely action to address the Federal tax loophole that allows Act 22 decree holders to legally evade Federal taxes.

Bill 118 HRES 1553, titled "Expressing the sense that the House of Representatives must take responsible and timely action to address the Federal tax loophole that allows Act 22 decree holders to legally evade Federal taxes," is a resolution that calls for action to close a tax loophole that benefits Act 22 decree holders.

Act 22 decrees are tax incentives offered by certain US territories, such as Puerto Rico, to attract wealthy individuals to establish residency in those territories. These individuals, known as Act 22 decree holders, are able to legally avoid paying federal taxes on their income earned in the territory.

The resolution expresses the sense that the House of Representatives must take responsible and timely action to address this tax loophole. It highlights the unfairness of allowing wealthy individuals to legally evade federal taxes while the average American taxpayer is required to pay their fair share. The resolution does not propose specific legislative changes, but rather serves as a call to action for Congress to address this issue. It emphasizes the importance of closing loopholes that allow for tax evasion and ensuring that all individuals, regardless of their wealth or status, contribute their fair share to the federal tax system. Overall, Bill 118 HRES 1553 aims to bring attention to the issue of tax evasion by Act 22 decree holders and urges Congress to take action to address this loophole in a responsible and timely manner.