arrow_back Back to App

Changes to Tax Rules for Income from U.S. Territories

This act aims to modify the tax rules for income sourced from U.S. territories. The changes could affect how businesses and individuals operating in these territories report their income, potentially impacting their personal finances and business operations.
Key points
Modifies rules for determining the source of income for tax purposes, specifically concerning U.S. possessions.
Changes apply to income attributable to an office or fixed place of business within the United States.
New rules are effective for taxable years beginning after December 31, 2020.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_1428
Sponsor: Del. Plaskett, Stacey E. [D-VI-At Large]
Process start date: 2021-02-26
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Territorial Tax Parity Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_1428.

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:

  • Modifies rules for determining the source of income for tax purposes, specifically concerning U.S. possessions.
  • Changes apply to income attributable to an office or fixed place of business within the United States.
  • New rules are effective for taxable years beginning after December 31, 2020.
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