118th Congress · HOUSE BILLBILL

H.R. 1055 — Territorial Economic Recovery Act

“To amend the Internal Revenue Code of 1986 to exclude certain amounts from the tested income of controlled foreign corporations, and for other purposes.”

Taxation

Introduced Feb 14, 2023

Last action Feb 14, 2023

Pipeline · Bill → Law

Step 1

Introduced

Feb 14, 2023

Step 2

Referred

Feb 14, 2023

Ways & Means

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill restores the favorable tax treatment of investment in U.S. territories and possessions. It treats such investment as domestic rather than foreign investment and requires investors to have an active trade or business in a U.S. territory or possession with a certain percentage of income derived from such territory or possession.

Provisions · 2 sectionsIntroduced in House

Timeline · 2 actions

Feb 14, 2023

Introduced in House

Feb 14, 2023

Referred to the House Committee on Ways and Means.