Territorial Tax Parity Act of 2023
Latest action · Feb 14, 2023 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.
- IntroducedFeb 14, 2023
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Territorial Tax Parity Act of 2023
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.
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 Feb 14, 2023 |
Actions 2
Everything that happened, newest first.
- Feb 14, 2023Introduced in House
- Feb 14, 2023Referred 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. 169, no. 30, February 14, 2023, page H842.
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1034 | Territorial Tax Equity and Economic Growth Act of 2023 | Related bill | Feb 14, 2023 |
| HR 1037 | Territorial Tax Parity and Clarification Act | Related bill | Feb 14, 2023 |
| HR 1428 | Territorial Tax Parity Act of 2021 | Reintroduction of | Feb 26, 2021 |
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 modify the source rules to provide for economic recovery in the possessions of the United States.
- Short Title(s) as Introduced
- Territorial Tax Parity Act of 2023
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Feb 14, 2023Introduced 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.
