Territorial Economic Recovery Act

Hozzl · 2025-02-08T05:53:22Z

Explore the details of House Bill 363 Territorial Economic Recovery Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

2/8/2025, 5:53 AM

Summary of Bill HR 363

Bill 119 HR 363, also known as the "Foreign Income Exclusion Act," aims to make changes to the Internal Revenue Code of 1986 in order to exclude certain amounts from the tested income of controlled foreign corporations. This bill is designed to address issues related to the taxation of income earned by foreign subsidiaries of US companies.

The main purpose of this bill is to provide relief for US companies with controlled foreign corporations by excluding certain amounts from their tested income. This exclusion would help reduce the tax burden on these companies and encourage them to invest and expand their operations overseas.

In addition to excluding certain amounts from tested income, the bill also includes provisions for other purposes related to the taxation of controlled foreign corporations. These provisions are aimed at simplifying the tax code and making it easier for companies to comply with tax laws. Overall, Bill 119 HR 363 seeks to make changes to the tax code that will benefit US companies with controlled foreign corporations. By excluding certain amounts from tested income and simplifying tax laws, this bill aims to promote economic growth and competitiveness in the global marketplace.

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Current Status of Bill HR 363

Bill HR 363 is currently in the status of Bill Introduced since January 13, 2025. Bill HR 363 was introduced during Congress 119 and was introduced to the House on January 13, 2025. Bill HR 363's most recent activity was Referred to the House Committee on Ways and Means. as of January 13, 2025

Bipartisan Support of Bill HR 363

Total Number of Sponsors

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Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

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Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 363

Primary Policy Focus

Alternate Title(s) of Bill HR 363

To amend the Internal Revenue Code of 1986 to exclude certain amounts from the tested income of controlled foreign corporations, and for other purposes.To amend the Internal Revenue Code of 1986 to exclude certain amounts from the tested income of controlled foreign corporations, and for other purposes.

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Sponsors and Cosponsors of HR 363

Stacey E. Plaskett

Virgin Islands(Democrat)

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