Bill Sponsor
House Bill 8646
116th Congress(2019-2020)
Territory Economic Development Tax Credit Act
Introduced
Introduced
Introduced in House on Oct 20, 2020
Overview
Text
Sponsor
Introduced
Oct 20, 2020
Latest Action
Oct 20, 2020
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
8646
Congress
116
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Sponsorship by Party
Democrat
New York
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

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.

Text (1)
October 20, 2020
Actions (2)
10/20/2020
Referred to the House Committee on Ways and Means.
10/20/2020
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:44:30 PM