Territorial Tax Parity and Fairness Act

Hozzl · 2025-02-11T05:08:17Z

Explore the details of House Bill 368 Territorial Tax Parity and Fairness Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

2/11/2025, 5:08 AM

Summary of Bill HR 368

Bill 119 HR 368, also known as the Virgin Islands Economic Development Act, aims to amend the Internal Revenue Code of 1986. The bill specifically targets certain bona fide residents of the Virgin Islands who are shareholders of corporations organized under the laws of the Virgin Islands.

The main purpose of this bill is to ensure that these residents are not treated as United States persons for the purpose of determining certain inclusions in gross income with respect to such corporations. This means that these residents will not be subject to the same tax regulations as United States persons when it comes to income generated by corporations in the Virgin Islands.

The bill seeks to provide these residents with tax benefits and incentives in order to promote economic development in the Virgin Islands. By exempting them from certain tax obligations, the bill aims to attract investment and encourage business growth in the region. Overall, Bill 119 HR 368 is designed to support the economic development of the Virgin Islands by providing tax relief to certain residents and shareholders of corporations in the region.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill HR 368

Bill HR 368 is currently in the status of Bill Introduced since January 13, 2025. Bill HR 368 was introduced during Congress 119 and was introduced to the House on January 13, 2025. Bill HR 368's most recent activity was Referred to the House Committee on Ways and Means. as of January 13, 2025

Bipartisan Support of Bill HR 368

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 368

Primary Policy Focus

Alternate Title(s) of Bill HR 368

To amend the Internal Revenue Code of 1986 to provide that certain bona fide residents of the Virgin Islands who are shareholders of corporations organized under the laws of the Virgin Islands are not treated as United States persons for purposes of determining certain inclusions in gross income with respect to such corporations.

Comments

Heaven Dawson

870

1 year ago

I don't understand this bill at all. It seems like it's just going to benefit a select group of people and not really help the rest of us. Why should certain residents of the Virgin Islands get special treatment when the rest of us are struggling to make ends meet? It just doesn't seem fair. #confused #notright