House Bill 1428
117th Congress(2021-2022)
Territorial Tax Parity Act of 2021
Introduced
Introduced in House on Feb 26, 2021
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
1428
Congress
117
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.
No House votes have been held for this bill.
Summary
Territorial Tax Parity Act of 2021
This bill modifies the income source rules involving U.S. possessions, including Guam, American Samoa, the Northern Mariana Islands, Puerto Rico, and the Virgin Islands.
Under current law, income is not considered to be possession source income if it is treated as income (1) from sources within the United States, or (2) effectively connected with the conduct of a trade or business within the United States. The bill amends this rule to specify that it applies 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.
February 26, 2021
02/26/2021
Referred to the House Committee on Ways and Means.
02/26/2021
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:47:01 PM