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   &lt;pre&gt;[Congressional Record Volume 167, Number 37 (Friday, February 26, 2021)][House]From the Congressional Record Online through the Government Publishing Office [&lt;a href="https://www.gpo.gov"&gt;www.gpo.gov&lt;/a&gt;]By Ms. PLASKETT:H.R. 1429.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the United States Constitution.[Page H860]&lt;/pre&gt;
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     Territorial Tax Parity Act of 2021
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     Territorial Tax Parity and Clarification Act
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      Referred to the House Committee on Ways and Means.
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     Del. Plaskett, Stacey E. [D-VI-At Large]
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      Northern Mariana Islands
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      Tax administration and collection, taxpayers
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     &lt;p&gt;&lt;b&gt;Territorial Tax Equity and Economic Growth Act&lt;/b&gt; &lt;b&gt;of 2021&lt;/b&gt;&lt;/p&gt; &lt;p&gt; This bill modifies the residence and income source rules that apply with respect to the taxation of income from U.S. possessions (Guam, American Samoa, the Northern Mariana Islands, Puerto Rico, and the Virgin Islands). &lt;/p&gt; &lt;p&gt;The bill specifies that a bona fide resident of a possession must have a substantial presence in the possession for at least 122 days during the year. Under current law, the person must be present for at least 183 days during the year.&lt;/p&gt; &lt;p&gt;Under current law, income is not possession source income if it is treated as (1) income from sources within the United States, or (2) as effectively connected with the conduct of a trade or business within the United States. The bill amends this rule to:&lt;/p&gt; &lt;ul&gt; &lt;li&gt;specify that it applies only to the extent that the income is attributable to an office or fixed place of business within the United States, &lt;/li&gt; &lt;li&gt;specify principles that must be used to determine whether income from sources without a possession is effectively connected with the conduct of a trade or business within the possession, and&lt;/li&gt; &lt;li&gt;prohibit income from activities within the United States which are of a preparatory or auxiliary character from being treated as income from sources within the United States or as effectively connected with the conduct of a trade or business within the United States. &lt;/li&gt; &lt;/ul&gt; &lt;p&gt;The bill also modifies the income source rules that apply to certain personal property sales in the Virgin Islands.&lt;/p&gt;
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  </summaries>
  <title>
   Territorial Tax Equity and Economic Growth Act of 2021
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     Territorial Tax Equity and Economic Growth Act of 2021
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     To amend the Internal Revenue Code of 1986 to modify the residence and source rules to provide for economic recovery in the possessions of the United States.
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   This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.
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H11100
2021-02-26
Ways and Means Committee
hswm00
2
House floor actions
Referred to the House Committee on Ways and Means.
IntroReferral
Intro-H
2021-02-26
9
Library of Congress
Introduced in House
IntroReferral
1000
2021-02-26
9
Library of Congress
Introduced in House
IntroReferral
2021-02-26T14:06:45Z
Referred to
House
Ways and Means Committee
hswm00
Standing
Congressional Research Service, Library of Congress
This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
2021-02-26
2021-02-26
Referred to the House Committee on Ways and Means.
House
Taxation
2021-02-26
Referred to the House Committee on Ways and Means.
CRS
Related bill
Territorial Tax Parity Act of 2021
HR
2022-10-28
Referred to the House Committee on Ways and Means.
CRS
Related bill
Territorial Tax Parity and Clarification Act
HR
P000610
Stacey
Del. Plaskett, Stacey E. [D-VI-At Large]
N
Plaskett
E.
D
VI
American Samoa Caribbean area Guam Northern Mariana Islands Puerto Rico Tax administration and collection, taxpayers Taxation of foreign income U.S. territories and protectorates Virgin Islands
2021-02-26
Introduced in House
 <p><b>Territorial Tax Equity and Economic Growth Act</b> <b>of 2021</b></p> <p> This bill modifies the residence and income source rules that apply with respect to the taxation of income from U.S. possessions (Guam, American Samoa, the Northern Mariana Islands, Puerto Rico, and the Virgin Islands). </p> <p>The bill specifies that a bona fide resident of a possession must have a substantial presence in the possession for at least 122 days during the year. Under current law, the person must be present for at least 183 days during the year.</p> <p>Under current law, income is not possession source income if it is treated as (1) income from sources within the United States, or (2) as effectively connected with the conduct of a trade or business within the United States. The bill amends this rule to:</p> <ul> <li>specify that it applies only to the extent that the income is attributable to an office or fixed place of business within the United States, </li> <li>specify principles that must be used to determine whether income from sources without a possession is effectively connected with the conduct of a trade or business within the possession, and</li> <li>prohibit income from activities within the United States which are of a preparatory or auxiliary character from being treated as income from sources within the United States or as effectively connected with the conduct of a trade or business within the United States. </li> </ul> <p>The bill also modifies the income source rules that apply to certain personal property sales in the Virgin Islands.</p>
2021-04-19T14:32:05Z
00
2021-02-26T05:00:00Z
Introduced in House
https://www.govinfo.gov/content/pkg/BILLS-117hr1429ih/xml/BILLS-117hr1429ih.xml
Territorial Tax Equity and Economic Growth Act of 2021
Territorial Tax Equity and Economic Growth Act of 2021
Display Title
IH
Introduced in House
To amend the Internal Revenue Code of 1986 to modify the residence and source rules to provide for economic recovery in the possessions of the United States.
Official Title as Introduced
IH
Introduced in House
Territorial Tax Equity and Economic Growth Act of 2021
Short Title(s) as Introduced
HR
2023-01-11T13:47:01Z
2023-01-11T13:47:01Z
3.0.0
2021-02-26
Referred to the House Committee on Ways and Means.
CRS
Related bill
Territorial Tax Parity Act of 2021
HR
2022-10-28
Referred to the House Committee on Ways and Means.
CRS
Related bill
Territorial Tax Parity and Clarification Act
HR
H11100
2021-02-26
Ways and Means Committee
hswm00
2
House floor actions
Referred to the House Committee on Ways and Means.
IntroReferral
Intro-H
2021-02-26
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Library of Congress
Introduced in House
IntroReferral
1000
2021-02-26
9
Library of Congress
Introduced in House
IntroReferral
P000610
Stacey
Del. Plaskett, Stacey E. [D-VI-At Large]
N
Plaskett
E.
D
VI
American Samoa Caribbean area Guam Northern Mariana Islands Puerto Rico Tax administration and collection, taxpayers Taxation of foreign income U.S. territories and protectorates Virgin Islands
2021-02-26
Introduced in House
 <p><b>Territorial Tax Equity and Economic Growth Act</b> <b>of 2021</b></p> <p> This bill modifies the residence and income source rules that apply with respect to the taxation of income from U.S. possessions (Guam, American Samoa, the Northern Mariana Islands, Puerto Rico, and the Virgin Islands). </p> <p>The bill specifies that a bona fide resident of a possession must have a substantial presence in the possession for at least 122 days during the year. Under current law, the person must be present for at least 183 days during the year.</p> <p>Under current law, income is not possession source income if it is treated as (1) income from sources within the United States, or (2) as effectively connected with the conduct of a trade or business within the United States. The bill amends this rule to:</p> <ul> <li>specify that it applies only to the extent that the income is attributable to an office or fixed place of business within the United States, </li> <li>specify principles that must be used to determine whether income from sources without a possession is effectively connected with the conduct of a trade or business within the possession, and</li> <li>prohibit income from activities within the United States which are of a preparatory or auxiliary character from being treated as income from sources within the United States or as effectively connected with the conduct of a trade or business within the United States. </li> </ul> <p>The bill also modifies the income source rules that apply to certain personal property sales in the Virgin Islands.</p>
2021-04-19T14:32:05Z
00
Territorial Tax Equity and Economic Growth Act of 2021
Territorial Tax Equity and Economic Growth Act of 2021
Display Title
IH
Introduced in House
To amend the Internal Revenue Code of 1986 to modify the residence and source rules to provide for economic recovery in the possessions of the United States.
Official Title as Introduced
IH
Introduced in House
Territorial Tax Equity and Economic Growth Act of 2021
Short Title(s) as Introduced
2021-02-26
Referred to the House Committee on Ways and Means.