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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - Senate

Short Title(s) as Introduced

Territory Economic Development Tax Credit Act

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Internal Revenue Code of 1986 to provide a credit for economic activity in possessions of the United States.

Actions Overview (1)

Date Actions Overview
10/01/2020Introduced in Senate

All Actions (1)

Date All Actions
10/01/2020Read twice and referred to the Committee on Finance.
Action By: Senate

Cosponsors (1)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Wicker, Roger F. [R-MS]* 10/01/2020

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Related Documents
Senate Finance10/01/2020 Referred to

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Latest Summary (1)

There is one summary for S.4783. View summaries

Shown Here:
Introduced in Senate (10/01/2020)

Territory Economic Development Tax Credit Act

This bill establishes a new tax credit for wages and tangible investments made by U.S. domestic corporations with branches operating in U.S. territories. It requires that 80% of credible income must be derived from a territory during a 3-year period, and 75% must come from an active trade or business in a territory. The credit is equal to 40% of eligible wages and benefits paid or provided to employees in the territory, subject to certain limitations.