What is the official ID of this bill?

The official print number for this legislation is HR 1427.

When did the legislative process begin?

The process officially started on 2021-02-26.

Where can I read the full text of this legislation?

The full official text is available at: https://www.congress.gov/117/bills/hr1427/BILLS-117hr1427ih.htm

Is this summary verified?

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

Who is the primary sponsor?

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

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

What is the latest detailed status?

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

Analysis and Potential Impact of HR 1427

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

Tax Changes: Virgin Islands Residents and Corporate Income.

Q: What are the main provisions?

Key points include: Certain bona fide residents of the Virgin Islands who are shareholders of Virgin Islands corporations will not be treated as U.S. persons for specific income inclusions. This applies if dividends received by such individuals from these corporations would be considered income from Virgin Islands sources. The new rules are effective for foreign corporation tax years beginning after December 31, 2020.

This bill modifies tax rules for certain residents of the Virgin Islands who own corporations organized there. These changes may alter how their income from these corporations is treated for U.S. tax purposes, potentially impacting their personal finances. The aim is to simplify tax calculations for this specific group.

Key points

Certain bona fide residents of the Virgin Islands who are shareholders of Virgin Islands corporations will not be treated as U.S. persons for specific income inclusions.

This applies if dividends received by such individuals from these corporations would be considered income from Virgin Islands sources.

The new rules are effective for foreign corporation tax years beginning after December 31, 2020.

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Additional Information

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.

Print number: HR 1427

Sponsor: Del. Plaskett, Stacey E. [D-VI-At Large]

Process start date: 2021-02-26

System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.

Summarized by: gemini-2.5-flash-preview-05-20

Source data: api.congress.gov

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Tax Changes: Virgin Islands Residents and Corporate Income.

Key Questions about Tax Changes: Virgin Islands Residents and Corporate Income.