S 4783
Territory Economic Development Tax Credit Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The Territory Economic Development Tax Credit Act creates a new tax credit for U.S. domestic corporations operating branches in U.S. territories like Puerto Rico and the Virgin Islands. To qualify, corporations must meet specific criteria, including deriving at least 80% of their income from the territory and 75% from an active trade or business. The credit is equal to 40% of eligible wages and benefits paid to employees in the territory, subject to limitations, and aims to incentivize economic activity within these areas.
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