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Territorial Tax Parity and Clarification Act
2/11/2025, 5:53 AM
Summary of Bill HR 367
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.
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.
Read the Full Bill
Current Status of Bill HR 367
Bill HR 367 is currently in the status of Bill Introduced since January 13, 2025. Bill HR 367 was introduced during Congress 119 and was introduced to the House on January 13, 2025. Bill HR 367's most recent activity was Referred to the House Committee on Ways and Means. as of January 13, 2025
Bipartisan Support of Bill HR 367
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 367
Primary Policy Focus
Alternate Title(s) of Bill HR 367
To amend the Internal Revenue Code of 1986 to modify the source rules for personal property sales in possessions of the United States.
To amend the Internal Revenue Code of 1986 to modify the source rules for personal property sales in possessions of the United States.
Comments
Sponsors and Cosponsors of HR 367
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