Territorial Tax Parity Act of 2017
Latest action · Jan 3, 2017 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 3, 2017
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Territorial Tax Parity Act of 2017
This bill amends the Internal Revenue Code to modify 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 revises the source rules for personal property sales. The Internal Revenue Service may limit the application in the Virgin Islands of requirements for U.S. citizens and resident aliens to pay a tax to a foreign country to be considered a nonresident of the United States for certain personal property sales.
Cosponsors
Members who signed on, in the order they did.
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Jan 3, 2017 |
Actions 2
Everything that happened, newest first.
- Jan 3, 2017Introduced in House
- Jan 3, 2017Referred to the House Committee on Ways and Means.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 163, no. 1, January 3, 2017, page H51.
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1 | An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018. | Related bill | Nov 28, 2017 |
| HR 190 | Territorial Tax Equity and Economic Growth Act | Related bill | Jan 3, 2017 |
| HR 5039 | Territorial Tax Parity Act of 2016 | Reintroduction of | Apr 21, 2016 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to provide for economic recovery in the possessions of the United States.
- Short Titles as Introduced
- Territorial Tax Parity Act of 2017
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jan 3, 2017Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
