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Tax Rule Changes for US Territories

This act modifies tax rules for income sourced from U.S. territories like Puerto Rico and the Virgin Islands. The goal is to foster economic recovery in these regions by adjusting how income origin and personal property sales are taxed. These changes could impact how individuals and businesses operating in these territories file their taxes.
Key points
Modifies rules for determining income source to support economic recovery in U.S. territories.
Amends tax rules for sales of personal property in these areas.
Changes apply to taxable years beginning after December 31, 2024.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_365
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 Tax Parity Act of 2025

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_365.

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:

  • Modifies rules for determining income source to support economic recovery in U.S. territories.
  • Amends tax rules for sales of personal property in these areas.
  • Changes apply to taxable years beginning after December 31, 2024.
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