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Tax Relief for Virgin Islands Residents: Corporate Income Changes.

This act amends tax rules that may affect Virgin Islands residents who own shares in local corporations. The goal is to simplify how their income from these companies is treated, differentiating it from income from U.S. companies. These changes apply to tax years beginning after December 31, 2022.
Key points
Bona fide residents of the Virgin Islands who are shareholders of Virgin Islands corporations may be exempt from certain U.S. tax rules regarding income from these corporations.
The change aims to ensure that dividends received by these individuals from Virgin Islands corporations are treated as income sourced within the Virgin Islands, potentially impacting their U.S. tax obligations.
The act applies to income earned from 2023 onwards.
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Expired
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Additional Information
Print number: 118_HR_1039
Sponsor: Del. Plaskett, Stacey E. [D-VI-At Large]
Process start date: 2023-02-14
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Territorial Tax Parity and Fairness Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1039.

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:

  • Bona fide residents of the Virgin Islands who are shareholders of Virgin Islands corporations may be exempt from certain U.S. tax rules regarding income from these corporations.
  • The change aims to ensure that dividends received by these individuals from Virgin Islands corporations are treated as income sourced within the Virgin Islands, potentially impacting their U.S. tax obligations.
  • The act applies to income earned from 2023 onwards.
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 Subcommittee on Trade.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Taxes