Territorial Tax Parity Act of 2025

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.