Territorial Tax Parity Act of 2017

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.

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Timeline

1. 3 January 2017

   Introduced

   Introduced in House

   Source: IntroReferral

2. 3 January 2017

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

3. 3 January 2017

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 3 January 2017 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 3 January 2017

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 3 January 2017

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 3 January 2017

  Open at official source

Sponsors

• Stacey Plaskett · D · Sponsor
• · hswm00 · Standing

Related records

• related to ← Territorial Tax Equity and Economic Growth Act
• related to ← An original bill to provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018.
• related to ← Territorial Tax Parity Act of 2016