Territorial Tax Equity and Economic Growth Act of 2025
2/8/2025, 5:53 AMSummary of Bill HR 364
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.
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Current Status of Bill HR 364
Bill HR 364 is currently in the status of Bill Introduced since January 13, 2025. Bill HR 364 was introduced during Congress 119 and was introduced to the House on January 13, 2025. Bill HR 364's most recent activity was Referred to the House Committee on Ways and Means. as of January 13, 2025Bipartisan Support of Bill HR 364
Total Number of Sponsors
2Democrat Sponsors
2Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 364
Primary Policy Focus
Alternate Title(s) of Bill HR 364
To amend the Internal Revenue Code of 1986 to modify the residence and source rules to provide for economic recovery in the possessions of the United States.To amend the Internal Revenue Code of 1986 to modify the residence and source rules to provide for economic recovery in the possessions of the United States.Comments
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Sponsors and Cosponsors of HR 364
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