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Tax Credit for Businesses in US Territories

This act introduces a new tax credit for US companies conducting business in US territories like Puerto Rico and the Virgin Islands. The aim is to support economic development in these regions by reducing the tax burden for eligible businesses.
Key points
Businesses operating in US territories can benefit from a new tax credit.
The credit amount is based on labor costs and tangible property investments in these territories.
The goal is to encourage job creation and investment in the economies of US territories.
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Expired
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Additional Information
Print number: 117_HR_5032
Sponsor: Rep. Suozzi, Thomas R. [D-NY-3]
Process start date: 2021-08-13
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Summarized by: gemini-2.5-flash-preview-04-17
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Territory Economic Development Tax Credit Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5032.

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 2021-08-13.

What are the main provisions?

Key points include:

  • Businesses operating in US territories can benefit from a new tax credit.
  • The credit amount is based on labor costs and tangible property investments in these territories.
  • The goal is to encourage job creation and investment in the economies of US territories.
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 Rep. Suozzi, Thomas R. [D-NY-3].

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 2025-12-28.

CATEGORIES

Taxes Economy