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Tax Simplification for US Virgin Islands Residents

This act aims to simplify tax rules for certain residents of the Virgin Islands who are shareholders in local corporations. It ensures that their dividend income from these corporations is treated as sourced within the Virgin Islands, potentially affecting their U.S. tax obligations. These changes are intended to provide greater tax fairness for these individuals.
Key points
Virgin Islands residents who are shareholders of local corporations may be exempt from certain U.S. income inclusions related to those corporations.
The changes apply to tax years beginning after December 31, 2024.
The goal is to ensure tax parity and fairness for residents of U.S. territories.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_368
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 Fairness Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_368.

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:

  • Virgin Islands residents who are shareholders of local corporations may be exempt from certain U.S. income inclusions related to those corporations.
  • The changes apply to tax years beginning after December 31, 2024.
  • The goal is to ensure tax parity and fairness for residents of U.S. 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