[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5039 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 5039

  To amend the Internal Revenue Code of 1986 to provide for economic 
           recovery in the possessions of the United States.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 21, 2016

 Ms. Plaskett introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to provide for economic 
           recovery in the possessions of the United States.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Territorial Tax Parity Act of 
2016''.

SEC. 2. MODIFICATION TO SOURCE RULES INVOLVING POSSESSIONS.

    (a) Source Rules.--Section 937(b)(2) of the Internal Revenue Code 
of 1986 is amended by striking the period at the end and inserting the 
following: ``to the extent such income is attributable to an office or 
fixed place of business within the United States (determined under the 
rules of section 864(c)(5)).''.
    (b) Source Rules for Personal Property Sales.--Section 865(j)(3) of 
such Code is amended by adding ``932,'' after ``931,'' and before 
``933.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2016.
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