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Changes to Tax Rules for Personal Property Sales in US Territories.

This act modifies the rules for determining where income from personal property sales in U.S. territories originates. This impacts how taxes are calculated for individuals and businesses operating in these areas, potentially altering their tax obligations. These changes apply to tax years beginning after December 31, 2022.
Key points
The act changes how the source of income from personal property sales in U.S. territories, like Puerto Rico or the Virgin Islands, is determined.
New rules may affect the amount of taxes paid by residents and businesses operating in these territories.
The changes are effective for tax years starting after December 31, 2022.
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Additional Information
Print number: 118_HR_1037
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 and Clarification Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1037.

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:

  • The act changes how the source of income from personal property sales in U.S. territories, like Puerto Rico or the Virgin Islands, is determined.
  • New rules may affect the amount of taxes paid by residents and businesses operating in these territories.
  • The changes are effective for tax years starting 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