This bill was recently introduced and is currently being reviewed by the House Committee on Ways and Means. It is in the early stages of the legislative process and is considered active. There are no upcoming votes scheduled at this time.
Legislative Progress
House
Senate
President
Law
Unlikely to pass
This is a technical tax fix introduced by a territory delegate. These types of bills usually only pass if they are added to a much larger tax package later in the year.
How we got here
This bill’s path across every version that has carried it.
↺
Reintroduced
Reintroduced from H.R. 1037 (118th), which died when its Congress ended.
This bill changes how the IRS decides where money comes from when people sell personal items in U.S. territories. It specifically adds the U.S. Virgin Islands to a list of places that follow certain federal tax rules.
The goal is to make tax laws more consistent across different U.S. territories. Currently, the rules for the Virgin Islands are slightly different than those for other places like Guam or American Samoa.
This change would mostly affect people or businesses living in the U.S. Virgin Islands who sell property. It helps clarify which government is allowed to tax the profit from those sales.
If this becomes law, the new rules would apply to taxes starting from the 2024 tax year. This means people living in these areas might need to check their records for the past year to ensure they are following the updated rules.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
2 milestones2 actions
Jan 13, 2025House
Referred to the House Committee on Ways and Means.
Jan 13, 2025
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
No votes, news coverage, or related bills recorded for this bill yet.
Source Information
Document Type
Congressional Bill
Official Title
Territorial Tax Parity and Clarification Act
Bill NumberHR 367
Congress119th Congress
ChamberHouse of Representatives
Latest ActionReferred to the House Committee on Ways and Means.
