Territorial Tax Parity and Fairness Act This bill sets forth a tax rule with respect to certain bona fide residents of the U.S. Virgin Islands who are shareholders of corporations organized under the laws of the Virgin Islands. It provides that such residents shall not be treated as U.S. persons for purposes of determining inclusions in gross income with respect to such corporations.
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Timeline
Introduced in House
Referred to the House Committee on Ways and Means.
Referred to the Subcommittee on Trade.
Introduced in House
Referred to the House Committee on Ways and Means.
Referred to the Subcommittee on Trade.
Taxation
Income tax ratesTax administration and collection, taxpayersU.S. territories and protectoratesVirgin Islands
Territorial Tax Parity and Fairness Act
USA118th CongressHR-1039| House
| Updated: 12/17/2024
Territorial Tax Parity and Fairness Act This bill sets forth a tax rule with respect to certain bona fide residents of the U.S. Virgin Islands who are shareholders of corporations organized under the laws of the Virgin Islands. It provides that such residents shall not be treated as U.S. persons for purposes of determining inclusions in gross income with respect to such corporations.