Territorial Tax Parity Act of 2025
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 Tax Equity Parity Act of 2025 This bill modifies the income sourcing rules related to taxation of income from U.S. territories. Under the bill, income is U.S.-sourced income or effectively connected to a U.S. trade or business only if attributable to an office or fixed place of business in the United States. (Currently, income is sourced to a U.S. territory and, thus, may be excluded from the gross income of a bona fide resident of a U.S. territory in calculating U.S. federal income tax if it is not U.S.-sourced income or effectively connected with a U.S. trade or business.) Further, the bill authorizes the Internal Revenue Service (IRS) to limit the income tax payment to the…
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
Reporting that may mention this subject. Possible matches are labeled.
Loading coverage…
Where it goes next
While a bill can still move, the questions are about people and money.