arrow_back Back to App

Tax relief for US territory businesses: boosting local economies.

This act modifies tax rules to potentially reduce the tax burden for certain businesses operating in U.S. territories like Puerto Rico and the Virgin Islands. The goal is to foster economic growth in these regions, which could indirectly lead to new jobs and improved living conditions for residents.
Key points
Qualifying businesses operating in U.S. territories may exclude certain income from U.S. taxation.
The changes apply to income from active business operations within these territories, aiming to encourage investment and job creation.
New rules are effective for tax years beginning after December 31, 2022.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_1055
Sponsor: Del. Plaskett, Stacey E. [D-VI-At Large]
Process start date: 2023-02-14
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Territorial Economic Recovery Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1055.

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:

  • Qualifying businesses operating in U.S. territories may exclude certain income from U.S. taxation.
  • The changes apply to income from active business operations within these territories, aiming to encourage investment and job creation.
  • 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