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Tax Relief for US Territorial Businesses: Economic Support

This act amends tax rules to benefit businesses operating in U.S. territories like Puerto Rico and the Virgin Islands. It aims to support local economies by reducing tax burdens on certain income for these companies. Citizens residing in these territories may indirectly benefit from the growth of local businesses.
Key points
The act excludes certain income of U.S. territorial businesses from general taxation, potentially leading to lower taxes for these companies.
Changes apply to businesses that derive most of their income from active business operations within U.S. territories.
The goal is to stimulate economic growth and job creation in territories such as Puerto Rico and the Virgin Islands.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_1426
Sponsor: Del. Plaskett, Stacey E. [D-VI-At Large]
Process start date: 2021-02-26
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Territorial Economic Recovery Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_1426.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-02-26.

What are the main provisions?

Key points include:

  • The act excludes certain income of U.S. territorial businesses from general taxation, potentially leading to lower taxes for these companies.
  • Changes apply to businesses that derive most of their income from active business operations within U.S. territories.
  • The goal is to stimulate economic growth and job creation in territories such as Puerto Rico and the Virgin Islands.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Del. Plaskett, Stacey E. [D-VI-At Large].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Taxes Economy