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Tax Rule Changes for US Territories: Economic Recovery Focus.

This bill aims to modify tax rules concerning income from U.S. territories. These changes are designed to support economic recovery in these areas, affecting how income for businesses and individuals operating or earning there is taxed.
Key points
Modifies rules for determining the source of income, potentially impacting where income is taxed.
Changes apply to income from U.S. territories like Puerto Rico or the Virgin Islands, aiming for economic revitalization.
New rules are effective for tax years beginning after December 31, 2022.
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Expired
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Additional Information
Print number: 118_HR_1036
Sponsor: Del. Plaskett, Stacey E. [D-VI-At Large]
Process start date: 2023-02-14
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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 Tax Parity Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1036.

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 2023-02-14.

What are the main provisions?

Key points include:

  • Modifies rules for determining the source of income, potentially impacting where income is taxed.
  • Changes apply to income from U.S. territories like Puerto Rico or the Virgin Islands, aiming for economic revitalization.
  • New rules are effective for tax years beginning after December 31, 2022.
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 2025-12-24.

CATEGORIES

Taxes Economy