Territorial Tax Parity and Clarification Act

Bill: 119-hr-367
Sponsor: full_name: Del. Plaskett, Stacey E. [D-VI]
Introduced: 2025-01-13
Policy area: Taxation
Subjects: Caribbean area

Energy prices

Oil and gas

Sales and excise taxes

U.S. territories and protectorates

Virgin Islands
Latest action: action_date: 2025-01-13
text: Referred to the House Committee on Ways and Means.

Summaries:

tv_txt: I 119th CONGRESS 1st Session H. R. 367 IN THE HOUSE OF REPRESENTATIVES January 13, 2025 Ms. Plaskett introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to modify the source rules for personal property sales in possessions of the United States.

1. Short title This Act may be cited as the Territorial Tax Parity and Clarification Act . 2. Modification of source rules for personal property sales in possessions (a) In general Section 865(j)(3) of the Internal Revenue Code of 1986 is amended by inserting , 932, after 931 . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2023.