CONGRESS FOR VOTERS

DemocratBill · H.R. 363· House(119-HR-363)

Territorial Economic Recovery Act

Rep. Plaskett
Age: 60 years
Virgin Islands
Introduced
1/13/2025
Last activity
1/13/2025 — Referred to the House Committee on Ways and Means.
Sponsored by
Stacey Plaskett
Cosponsors
None
Taxation
  1. Introduced
  2. In Committee

What this bill would do

This bill, known as the "Territorial Economic Recovery Act," aims to amend the Internal Revenue Code of 1986. It proposes to exclude certain amounts from the tested income of controlled foreign corporations. Specifically, it targets income from qualified possession corporations that is connected to active business in a possession of the United States. This includes Puerto Rico, the Virgin Islands, and other specified possessions. The changes would apply to taxable years beginning after December 31, 2023.

Yes· 3 of 8

  • Would business owners be better off under this?+5

    The bill provides significant tax advantages to business owners operating qualified possession corporations.

  • Would high-income households be better off under this?+3

    The bill benefits shareholders of controlled foreign corporations, who are often high-income individuals.

  • Is this likely to create jobs?+3

    By providing tax relief to corporations operating in U.S. possessions, the bill may incentivize increased business activity and employment in those areas.

The opposite

No question was scored the opposite.