3.0.0 5032 2023-01-01T20:19:12Z 2023-01-01T20:19:12Z House HR 2021-08-13 117 [Congressional Record Volume 167, Number 146 (Friday, August 13, 2021)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. SUOZZI:H.R. 5032.Congress has the power to enact this legislation pursuantto the following:Art 1 Sec. 8 ``The Congress shall have Power To lay andcollect Taxes, Duties, Imposts and Excises, to pay the Debtsand provide for the common Defence and general Welfare of theUnited States''[Page H4331]]]> hswm00 Ways and Means Committee House Standing Referred to 2021-08-13T16:01:25Z Territory Economic Development Tax Credit Act 117 2485 S 2021-07-27 Read twice and referred to the Committee on Finance. Identical bill CRS 2021-08-13 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2021-08-13 Introduced in House IntroReferral Intro-H 9 Library of Congress 2021-08-13 Introduced in House IntroReferral 1000 9 Library of Congress S001201 Rep. Suozzi, Thomas R. [D-NY-3] Thomas Suozzi D NY R. 3 N V000081 Rep. Velazquez, Nydia M. [D-NY-7] NYDIA VELAZQUEZ D NY M. 7 2021-08-13 True P000096 Rep. Pascrell, Bill, Jr. [D-NJ-9] WILLIAM PASCRELL D NJ J. 9 2021-08-13 True L000557 Rep. Larson, John B. [D-CT-1] JOHN LARSON D CT B. 1 2021-09-22 False S001204 Del. San Nicolas, Michael F. Q. [D-GU-At Large] Michael San Nicolas D GU F. Q. 0 2022-06-17 False Taxation Business investment and capital Caribbean area Corporate finance and management Employee benefits and pensions Foreign and international corporations Income tax credits Puerto Rico U.S. territories and protectorates Virgin Islands Wages and earnings Taxation 00 2021-08-13 Introduced in House 2021-09-13T17:22:46Z Territory Economic Development Tax Credit Act

This bill establishes a new tax credit for wages and tangible investments made by U.S. domestic corporations with branches operating in U.S. territories. It requires that 80% of credible income must be derived from a territory during a 3-year period, and 75% must come from an active trade or business in a territory. The credit is equal to 40% of eligible wages and benefits paid or provided to employees in the territory, subject to certain limitations.

]]> Territory Economic Development Tax Credit Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide a credit for economic activity in possessions of the United States. Introduced in House IH Display Title Territory Economic Development Tax Credit Act Short Title(s) as Introduced Territory Economic Development Tax Credit Act Introduced in House IH Introduced in House 2021-08-13T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117hr5032ih/xml/BILLS-117hr5032ih.xml 2021-08-13 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.