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Changes to Tax Rules for Sales in US Territories

This bill modifies the rules for determining where income from personal property sales is sourced when those sales occur in U.S. possessions. The aim is to standardize tax regulations, potentially affecting how businesses and individuals operating in these areas are taxed. These changes will apply to tax years beginning after December 31, 2023.
Key points
Standardization of tax rules for personal property sales in U.S. territories.
Changes affect how the source of income is determined for tax purposes.
New provisions will be effective for tax years beginning after December 31, 2023.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_367
Sponsor: Del. Plaskett, Stacey E. [D-VI]
Process start date: 2025-01-13
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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

Territorial Tax Parity and Clarification Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_367.

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:

  • Standardization of tax rules for personal property sales in U.S. territories.
  • Changes affect how the source of income is determined for tax purposes.
  • New provisions will be effective for tax years beginning after December 31, 2023.
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