H.R. 367: Territorial Tax Parity and Clarification Act

119th Congress · introduced 2025-01-13 · Taxation · Latest: Referred to the House Committee on Ways and Means.

federal

Official title

Territorial Tax Parity and Clarification Act

Plain summary

Territorial Tax Parity and Clarification Act This bill authorizes the Internal Revenue Service (IRS) to limit the income tax payment to the Virgin Islands required to treat income from the sale of certain personal property as foreign-sourced income for federal tax purposes. As background, income from certain personal property sales from a fixed place of business in a U.S. territory by a U.S. resident may be U.S.-sourced income unless an income tax of at least 10% is paid to the U.S. territory. Under current law, the IRS may limit the 10% tax payment requirement related to income from such personal property sales in Guam, American Samoa, the Northern Mariana Islands, and Puerto Rico. This bill expands the IRS’s authority to include limiting the tax requirement for personal property sales in the Virgin Islands.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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Official text

Territorial Tax Parity and Clarification Act

Source: Congressional Research Service summary (Introduced in House)

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Sponsor: Del. Plaskett, Stacey E. [D-VI] · 0 cosponsors

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Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-119hr367.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/119/hr>

Record fed-us-cong119-hr367 · catalog fed-us-congress-bills-cong119 · updated 2026-11-03 by psicol fed-bills