CONGRESS FOR VOTERS

DemocratBill · H.R. 367· House(119-HR-367)

Territorial Tax Parity and Clarification 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, titled the "Territorial Tax Parity and Clarification Act," aims to amend the Internal Revenue Code of 1986. The primary purpose is to modify the source rules regarding personal property sales within the possessions of the United States. Specifically, it seeks to insert ", 932," after "931" in Section 865(j)(3). These changes are intended to apply to taxable years beginning after December 31, 2023.

Yes· 3 of 6

  • Does this cut the tax on profits from selling investments?+3

    The bill modifies source rules for personal property sales, which can impact the taxation of gains realized from such sales in U.S. possessions.

  • Would business owners be better off under this?+2

    The bill provides clarity for business owners conducting personal property sales within U.S. possessions.

  • Would people with substantial wealth be better off under this?+2

    The modification of source rules for personal property sales can benefit high-net-worth individuals who engage in such transactions within U.S. territories.

The opposite

No question was scored the opposite.