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Tax Relief for Virgin Islands Service Businesses

This act amends tax laws to potentially benefit businesses operating in the Virgin Islands. It aims to boost economic growth by exempting certain service-related income from specific taxes. Citizens might see indirect benefits through increased investment and job creation in the region.
Key points
Businesses providing services in the Virgin Islands may be exempt from certain foreign income taxes.
Changes apply to income from labor or personal services performed by corporations formed under Virgin Islands law.
The provisions take effect for tax years beginning after the act's enactment.
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Additional Information
Print number: 118_HR_10503
Sponsor: Del. Plaskett, Stacey E. [D-VI-At Large]
Process start date: 2024-12-18
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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

REVIVE VI Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_10503.

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 2024-12-18.

What are the main provisions?

Key points include:

  • Businesses providing services in the Virgin Islands may be exempt from certain foreign income taxes.
  • Changes apply to income from labor or personal services performed by corporations formed under Virgin Islands law.
  • The provisions take effect for tax years beginning after the act's enactment.
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