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Tax Credits for Businesses in U.S. Territories

This act introduces new tax credits for U.S. corporations conducting business in U.S. possessions like Puerto Rico and the Virgin Islands. The goal is to encourage investment and job creation in these regions, which could indirectly benefit local economies and the availability of goods and services.
Key points
Companies operating in U.S. territories may receive special income tax credits, reducing their financial burden.
The credit amount depends on wages paid to employees in these territories and the value of assets held there.
The aim is to support economic development and job creation in Puerto Rico, the Virgin Islands, and other U.S. territories.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_S_2485
Sponsor: Sen. Menendez, Robert [D-NJ]
Process start date: 2021-07-27
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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

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_S_2485.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-07-27.

What are the main provisions?

Key points include:

  • Companies operating in U.S. territories may receive special income tax credits, reducing their financial burden.
  • The credit amount depends on wages paid to employees in these territories and the value of assets held there.
  • The aim is to support economic development and job creation in Puerto Rico, the Virgin Islands, and other U.S. 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 Sen. Menendez, Robert [D-NJ].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Economy