Territorial Tax Parity Act of 2025
2/11/2025, 5:08 AMSummary of Bill HR 365
Bill 119 HR 365, 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, and the US Virgin Islands, by making it easier for businesses and individuals in these areas to access tax benefits and incentives. By modifying the residence and source rules, the bill aims to encourage investment and economic development in these regions.
Overall, the Economic Recovery in US Possessions Act is designed to support the economic recovery and growth of US territories and possessions by providing them with the tools and resources needed to attract investment and create jobs. The bill is an important step towards ensuring that all parts of the United States can thrive and prosper.
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Current Status of Bill HR 365
Bill HR 365 is currently in the status of Bill Introduced since January 13, 2025. Bill HR 365 was introduced during Congress 119 and was introduced to the House on January 13, 2025. Bill HR 365's most recent activity was Referred to the House Committee on Ways and Means. as of January 13, 2025Bipartisan Support of Bill HR 365
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 365
Primary Policy Focus
Alternate Title(s) of Bill HR 365
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 365
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