CONGRESS FOR VOTERS

DemocratBill · H.R. 365· House(119-HR-365)

Territorial Tax Parity Act of 2025

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

The ``Territorial Tax Parity Act of 2025'' aims to amend the Internal Revenue Code of 1986. The bill seeks to modify residence and source rules to support economic recovery in the possessions of the United States. It specifically targets modifications to source rules involving possessions. These changes include amendments to Section 937(b)(2) and Section 865(j)(3). The adjustments are set to apply to taxable years beginning after December 31, 2024.

Yes· 3 of 7

  • Would business owners be better off under this?+3

    The modification of source rules for personal property and office-related income is intended to aid economic recovery for businesses in U.S. possessions.

  • Does this cut taxes for small businesses?+3

    The bill modifies source and residence rules to support economic recovery in U.S. possessions, which may reduce the tax burden on businesses operating there.

  • Is this likely to grow the economy?+3

    The bill seeks to provide for economic recovery in U.S. possessions by modifying residence and source rules.

The opposite

No question was scored the opposite.