Territorial Tax Parity and Clarification Act

Bill 119 HR 367, also known as the "Source Rules for Personal Property Sales in Possessions of the United States Act," aims to make changes to the Internal Revenue Code of 1986. The main focus of this bill is to modify the rules regarding the source of income from the sale of personal property in possessions of the United States.

Currently, the Internal Revenue Code has specific rules in place for determining the source of income from the sale of personal property. This bill seeks to amend these rules to provide clarity and consistency in determining the source of income from such sales.

The bill is intended to ensure that the rules for determining the source of income from the sale of personal property in possessions of the United States are fair and equitable. By modifying these rules, the bill aims to prevent any potential loopholes or inconsistencies that may exist in the current system. Overall, Bill 119 HR 367 is focused on making necessary changes to the Internal Revenue Code to ensure that the rules for determining the source of income from the sale of personal property in possessions of the United States are clear and consistent.