US SB3940 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on June 11 2020 - 25% progression, died in committee
Action: 2020-06-11 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on June 11 2020 - 25% progression, died in committee
Action: 2020-06-11 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Restores the favorable tax treatment of investment in U.S. territories and possessions. It treats such investment as domestic rather than foreign investment and requires investors to have an active trade or business in a U.S. territory or possession with a certain percentage of income derived from such territory or possession.
Title
Territorial Economic Recovery Act
Sponsors
Sen. Roger Wicker [R-MS] |
History
Date | Chamber | Action |
---|---|---|
2020-06-11 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB6648 (Related) 2020-05-01 - Referred to the House Committee on Ways and Means.
Subjects
American Samoa
Guam
Income tax exclusion
Northern Mariana Islands
Puerto Rico
Taxation
Taxation of foreign income
U.S. territories and protectorates
Virgin Islands
Guam
Income tax exclusion
Northern Mariana Islands
Puerto Rico
Taxation
Taxation of foreign income
U.S. territories and protectorates
Virgin Islands
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/3940/all-info |
Text | https://www.congress.gov/116/bills/s3940/BILLS-116s3940is.pdf |