3.0.0 2485 2023-01-01T23:42:42Z 2023-01-01T23:42:42Z Senate S 2021-07-27 117 ssfi00 Finance Committee Senate Standing Referred to 2021-07-27T21:42:51Z Territory Economic Development Tax Credit Act 117 5032 HR 2021-08-13 Referred to the House Committee on Ways and Means. Identical bill CRS 2021-07-27 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2021-07-27 Introduced in Senate IntroReferral 10000 9 Library of Congress M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ N W000437 Sen. Wicker, Roger F. [R-MS] Roger Wicker R MS F. 2021-08-03 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 2021-07-27 Introduced in Senate 2021-08-26T13:46:49Z 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 A bill to amend the Internal Revenue Code of 1986 to provide a credit for economic activity in possessions of the United States. Introduced in Senate IS Display Title Territory Economic Development Tax Credit Act Short Title(s) as Introduced Territory Economic Development Tax Credit Act Introduced in Senate IS Introduced in Senate 2021-07-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s2485is/xml/BILLS-117s2485is.xml 2021-07-27 Read twice and referred to the Committee on Finance. 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.