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Territorial Tax Parity and Clarification Act
To amend the Internal Revenue Code of 1986 to modify the source rules for personal property sales in possessions of the United States.
Summary
This bill amends the Internal Revenue Code to modify tax source rules for personal property sales in U.S. territories. Specifically, it clarifies that residents of Puerto Rico are included in the same source rules that currently apply to residents of Guam and American Samoa. The change ensures tax parity by treating personal property sales from all three territories under the same tax provisions. The amendment applies to taxable years beginning after December 31, 2023.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
Actions (2)
- Jan 13, 2025 Referred to the House Committee on Ways and Means. · house
- Jan 13, 2025 Introduced in House
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Text versions (1)
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Full text
IN THE HOUSE OF REPRESENTATIVES
January 13, 2025
Ms. Plaskett introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to modify the source rules for personal property sales in possessions of the United States.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Territorial Tax Parity and Clarification Act”.
SEC. 2. MODIFICATION OF SOURCE RULES FOR PERSONAL PROPERTY SALES IN POSSESSIONS.
(a) In General.—Section 865(j)(3) of the Internal Revenue Code of 1986 is amended by inserting “, 932,” after “931”.
(b) Effective Date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2023. <all>
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