Bill · H.R. 858· House(119-HR-858)
REVIVE VI Act
- Introduced
- 1/31/2025
- Last activity
- 1/31/2025 — Referred to the House Committee on Ways and Means.
- Sponsored by
- Ron Estes
- Cosponsors
- - 4 - 4
- Introduced
- In Committee
What this bill would do
This bill, known as the "Restore Economic Vitality and Investment in the Virgin Islands Act" or the "REVIVE VI Act," seeks to amend the Internal Revenue Code of 1986. It aims to change how global intangible low-taxed income is determined. Specifically, it would exclude certain income derived from services performed in the Virgin Islands from that calculation. This exclusion applies to qualified Virgin Islands services income held by specified United States shareholders. The changes target gross income that is compensation for labor or personal services performed within the Virgin Islands.
Yes· 3 of 8
Would business owners be better off under this?+5
The bill provides tax relief for closely held C corporations and individuals performing services through local corporations.
Does this cut taxes for small businesses?+5
The bill provides a tax exclusion for certain services income for specified shareholders, including closely held C corporations.
Would high-income households be better off under this?+4
The bill benefits specified shareholders, which include individuals and trusts that may hold significant service-based income.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Exclusion of specific income from taxes: The bill allows for "qualified Virgin Islands services income" to be excluded from the determination of global intangible low-taxed income (Section 2(a) and Section 2(b)(i)(I)). This applies to gross income that is compensation for labor or personal services performed in the Virgin Islands by a corporation formed there.
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Support for specific types of income: Income is considered positive under this bill if it is attributable to services performed from within the Virgin Islands by individuals for the benefit of a local corporation (Section 2(b)(i)(II)).
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Benefit for specific shareholders: The act provides a specific tax treatment for "specified United States shareholders," which includes individuals, trusts, estates, or certain closely held C corporations (Section 2(b)(ii)).
Potential Negative Impacts for People
- Risk of abuse: The bill acknowledges the potential for misuse by requiring the Secretary to prescribe regulations or guidance specifically to "prevent the abuse of such subparagraphs" (Section 2(b)(iii)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Business Owners+5Good For High Income Households+4Good For Hispanic Americans+2Good For Rural Residents+2Good For Urban Residents+2
- Economy And Finance
- Reduces Small Business Taxes+5Improves Economic Growth+3Increases Job Creation+3
- 3/24/2025
- 1 Cosponsor added.
- 3/18/2025
- 1 Cosponsor added.
- 2/14/2025
- 1 Cosponsor added.
- 1/31/2025
- Referred to the House Committee on Ways and Means.
- 5 Cosponsors added.
- Introduced in House
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Suzan DelBeneDemocrat · Washington
Randy FeenstraRepublican · Iowa
Kevin HernRepublican · Oklahoma
Carol MillerRepublican · West Virginia
Max MillerRepublican · Ohio
Stacey PlaskettDemocrat · Virgin Islands
Terri SewellDemocrat · Alabama
Bradley SchneiderDemocrat · Illinois