Territorial Economic Recovery Act
In committee: it can still change before the session ends.
- Stage
- In committee
- Started in
- House
- Sponsor
- 1
- Latest action
- Jan 13, 2025
What it does
Territorial Economic Recovery Act This bill excludes the income of certain controlled foreign corporations in U.S. territories from the calculation of global intangible low-taxed income (GILTI) for federal tax purposes. Under current law, a U.S. shareholder of a controlled foreign corporation is required to include in gross income the GILTI of the shareholder. The calculation of GILTI is based, in part, on the controlled foreign corporation’s tested income (the controlled foreign corporation’s gross income less certain exclusions). Under the bill, the income from a qualified possession corporation that is effectively connected with an active trade or business within a U.S. territory (Puerto…
Official summary · Introduced in House · Jan 13, 2025
Titles and provisions can change as the bill moves.
Where it stands
Introduced (Done)
Committee (Current step)
Floor (Not started)
Law (Not started)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
In the news
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Where it goes next
While a bill can still move, the questions are about people and money.