HR 5032
Territory Economic Development Tax Credit Act
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- Passed House
- Passed Senate
- 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 income requirements, demonstrating that at least 80% of their income comes from within the territory and 75% from active trade or business activities there. The credit is equal to 40% of eligible wages and benefits paid to employees in the territory, subject to certain limitations, and aims to incentivize economic activity and job creation in these areas.
Sponsors
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Primary sponsor
Cosponsors
Bill, Jr. Pascrell
Michael F. Q. [D-GU-At Large] San Nicolas
Nydia M. Velazquez
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