REVIVE VI Act

Hozzl · 2025-02-28T08:23:21Z

Explore the details of House Bill 858 REVIVE VI Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

2/28/2025, 8:23 AM

Summary of Bill HR 858

Bill 119 HR 858, also known as the "Global Intangible Low-Taxed Income (GILTI) Act," aims to make changes to the Internal Revenue Code of 1986. Specifically, this bill seeks to alter how global intangible low-taxed income is calculated, by excluding certain income derived from services performed in the Virgin Islands.

The GILTI provision was originally introduced as part of the Tax Cuts and Jobs Act of 2017, in an effort to prevent multinational corporations from shifting profits to low-tax jurisdictions. However, there have been concerns raised about the impact of this provision on businesses operating in the Virgin Islands, as it could potentially result in double taxation for income earned in that territory.

By amending the calculation of GILTI to exclude income derived from services performed in the Virgin Islands, this bill aims to address these concerns and ensure that businesses operating in the territory are not unfairly penalized. This change would help to provide clarity and consistency in the tax treatment of income earned in the Virgin Islands, while still maintaining the overall integrity of the GILTI provision. Overall, Bill 119 HR 858 seeks to make targeted adjustments to the tax code in order to promote fairness and efficiency in the taxation of global intangible low-taxed income.

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Current Status of Bill HR 858

Bill HR 858 is currently in the status of Bill Introduced since January 31, 2025. Bill HR 858 was introduced during Congress 119 and was introduced to the House on January 31, 2025. Bill HR 858's most recent activity was Referred to the House Committee on Ways and Means. as of January 31, 2025

Bipartisan Support of Bill HR 858

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Policy Area and Potential Impact of Bill HR 858

Primary Policy Focus

Alternate Title(s) of Bill HR 858

To amend the Internal Revenue Code of 1986 to determine global intangible low-taxed income without regard to certain income derived from services performed in the Virgin Islands.To amend the Internal Revenue Code of 1986 to determine global intangible low-taxed income without regard to certain income derived from services performed in the Virgin Islands.

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