Territorial Tax Parity and Clarification Act

Summary

Territorial Tax Parity and Clarification Act This bill modifies the income source rules that apply with respect to the taxation of capital gains from certain personal property sales in the U.S. Virgin Islands (USVI). Specifically, the bill requires capital gains income earned by a USVI resident to be considered USVI source income regardless of the tax rate imposed by the USVI government. (Under current law, a similar rule applies to other U.S. territories, including Guam, American Samoa, the Northern Mariana Islands, and Puerto Rico.)

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 28 October 2022

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• Introduced in House (PDF)

  Introduced in House · EN · 28 October 2022

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• Introduced in House

  summary · EN · 28 October 2022

  Open at official source

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