US HB8646 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on October 20 2020 - 25% progression, died in committee
Action: 2020-10-20 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on October 20 2020 - 25% progression, died in committee
Action: 2020-10-20 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
Territory Economic Development Tax Credit Act
Sponsors
| Rep. Thomas Suozzi [D-NY] | Rep. Nydia Velazquez [D-NY] |
History
| Date | Chamber | Action |
|---|---|---|
| 2020-10-20 | House | Referred to the House Committee on Ways and Means. |
| 2020-10-20 | House | Introduced in House |
Same As/Similar To
SB4783 (Same As) 2020-10-01 - Read twice and referred to the Committee on Finance.
Subjects
Business investment and capital
Caribbean area
Corporate finance and management
Employee benefits and pensions
Foreign and international corporations
Income tax credits
Puerto Rico
Taxation
U.S. territories and protectorates
Virgin Islands
Wages and earnings
Caribbean area
Corporate finance and management
Employee benefits and pensions
Foreign and international corporations
Income tax credits
Puerto Rico
Taxation
U.S. territories and protectorates
Virgin Islands
Wages and earnings
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/116th-congress/house-bill/8646/all-info |
| Text | https://www.congress.gov/116/bills/hr8646/BILLS-116hr8646ih.pdf |
