118th Congress · HOUSE BILLBILL

H.R. 1039 — Territorial Tax Parity and Fairness Act

“To amend the Internal Revenue Code of 1986 to provide that certain bona fide residents of the Virgin Islands who are shareholders of corporations organized under the laws of the Virgin Islands are not treated as United States persons for purposes of determining certain inclusions in gross income with respect to such corporations.”

Taxation

Introduced Feb 14, 2023

Last action Dec 17, 2024

Pipeline · Bill → Law

Step 1

Introduced

Feb 14, 2023

Step 2

Referred

Dec 17, 2024

Ways & Means

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill sets forth a tax rule with respect to certain bona fide residents of the U.S. Virgin Islands who are shareholders of corporations organized under the laws of the Virgin Islands. It provides that such residents shall not be treated as U.S. persons for purposes of determining inclusions in gross income with respect to such corporations.

Provisions · 2 sectionsIntroduced in House

Timeline · 3 actions

Dec 17, 2024

Referred to the Subcommittee on Trade.

Feb 14, 2023

Introduced in House

Feb 14, 2023

Referred to the House Committee on Ways and Means.