This bill proposes amendments to the Internal Revenue Code of 1986, specifically targeting modifications to residence and source rules to promote economic recovery in U.S. possessions. The legislation aims to refine how income is sourced and taxed in these territories, with an effective date for taxable years beginning after December 31, 2024. One key provision modifies Section 937(b)(2), stipulating that income considered from a U.S. possession must be attributable to an office or fixed place of business within the United States . Another amendment to Section 865(j)(3) extends the application of source rules for personal property sales to include individuals residing in the U.S. Virgin Islands (Section 932). These changes are designed to clarify tax treatment and support the economic development of U.S. territories.