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Tax Relief for US Territorial Businesses: Boosting Local Economies

This act aims to support the economies of U.S. territories like Puerto Rico and the Virgin Islands. It excludes certain income of businesses actively operating in these areas from taxable income calculations, potentially encouraging investment and job creation.
Key points
Businesses operating in U.S. territories such as Puerto Rico and the Virgin Islands may receive tax benefits.
Income from active business operations in these territories will be excluded from certain tax calculations.
The changes are intended to stimulate economic growth and create new jobs in the affected territories.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_363
Sponsor: Del. Plaskett, Stacey E. [D-VI]
Process start date: 2025-01-13
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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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 119_HR_363.

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 2025-01-13.

What are the main provisions?

Key points include:

  • Businesses operating in U.S. territories such as Puerto Rico and the Virgin Islands may receive tax benefits.
  • Income from active business operations in these territories will be excluded from certain tax calculations.
  • The changes are intended to stimulate economic growth and create new jobs in the affected territories.
What is the specific legal status?

The current status is Introduced.

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].

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 2025-12-22.

CATEGORIES

Taxes Economy