HR 6648
Territorial Economic Recovery Act
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Territorial Economic Recovery Act aims to improve the economic situation in U.S. territories like Puerto Rico and the Virgin Islands by modifying how the Internal Revenue Code treats investments. Specifically, it changes the rules for controlled foreign corporations, allowing income effectively connected with a business within these territories to be treated more favorably for tax purposes. This legislation seeks to encourage investment and economic activity within the territories by aligning the tax treatment with that of domestic investments.
Sponsors
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Primary sponsor
Stacey E. [D-VI-At Large] Plaskett
Cosponsors
Carolyn B. Maloney
Nydia M. Velazquez
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