3.0.0 185 2023-01-11T13:34:37Z 2023-01-11T13:34:37Z House HR 2017-01-03 115 [Congressional Record Volume 163, Number 1 (Tuesday, January 3, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. PLASKETT:H.R. 185.Congress has the power to enact this legislation pursuantto the following:Article I Sections 7 and 8, All Bills for raising Revenueshall originate in the House of Representatives. The Congressshall have Power to Lay and collect Taxes, Duties, Impostsand Excises.[Page H51]]]> hswm00 Ways and Means Committee House Standing Referred to 2017-01-03T17:23:15Z Puerto Rico and Virgin Islands Equitable Rebuild Act of 2018 115 4782 HR 2018-05-22 Referred to the Subcommittee on Energy. Related bill CRS 2017-01-03 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2017-01-03 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-01-03 Introduced in House IntroReferral 1000 9 Library of Congress P000610 Del. Plaskett, Stacey E. [D-VI-At Large] Stacey Plaskett D VI E. N B001245 Del. Bordallo, Madeleine Z. [D-GU-At Large] Madeleine Bordallo D GU Z. 0 2017-01-03 True Taxation Alcoholic beverages Caribbean area Guam Income tax credits Northern Mariana Islands Poverty and welfare assistance Puerto Rico Sales and excise taxes Tax treatment of families U.S. territories and protectorates Virgin Islands Wages and earnings Taxation 00 2017-01-03 Introduced in House 2017-01-12T14:51:45Z Territorial Economic Growth and Recovery Act of 2017

This bill amends the Internal Revenue Code to repeal the limitation on the amount of distilled spirits excise taxes covered over (paid into) to the treasuries of the Virgin Islands and Puerto Rico.

If Puerto Rico or the Northern Mariana Islands has a tax system that mirrors federal tax law (mirror code tax system), the Department of the Treasury must pay each possession amounts equal to the loss to the possession due to the application of the Earned Income Tax Credit (EITC).

If the possession does not have a mirror code tax system, Treasury must pay to the possession an amount equal to the aggregate benefits that would have been provided to residents of the possession by applying the EITC if a mirror code tax system had been in effect. To receive the payments, the possession must have a plan approved by Treasury to distribute the payments to the residents of the possession.

Treasury must pay to the Virgin Islands and Guam amounts equal to the aggregate loss to the Virgin Islands or Guam due to the Child Tax Credit.

The Joint Board for the Enrollment of Actuaries must submit to Treasury's Office of Domestic Finance recommendations for actions that would be necessary to ensure that the public pension plans of the Virgin Islands can be sustainably maintained and funded by the government of the Virgin Islands for the next 20 years.

]]> Territorial Economic Growth and Recovery Act of 2017 Display Title Territorial Economic Growth and Recovery Act of 2017 Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide for economic recovery in the Virgin Islands and Guam, and for other purposes. Introduced in House IH Short Titles as Introduced Territorial Economic Growth and Recovery Act of 2017 Introduced in House 2017-01-03T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr185ih/xml/BILLS-115hr185ih.xml 2017-01-03 Referred to the House Committee on Ways and Means. 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. 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.