H.R.411 - Territorial Tax Parity Act of 2019116th Congress (2019-2020) |
|Sponsor:||Rep. Plaskett, Stacey E. [D-VI-At Large] (Introduced 01/09/2019)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 01/09/2019 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.411 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (01/09/2019)
Territorial Tax Parity Act of 2019
This bill modifies the income source rules that apply with respect to the taxation of income from U.S. possessions (Guam, American Samoa, the Northern Mariana Islands, Puerto Rico, and the Virgin Islands).
Under current law, income is not possession source income if it is treated as (1) income from sources within the United States, or (2) as effectively connected with the conduct of a trade or business within the United States. The bill amends this rule to specify that it applies only to the extent that the income is attributable to an office or fixed place of business within the United States.
The bill also modifies the income source rules that apply to certain personal property sales in the Virgin Islands.