REVIVE VI Act
U.S. Virgin Islands: Tax Relief for Local Services
The REVIVE VI Act was introduced in the House and is currently being reviewed by the House Committee on Ways and Means. No further actions are scheduled at this time. The bill is still in the early stages of the legislative process.
Legislative Progress
The bill has strong bipartisan support from members of the powerful House Ways and Means Committee, but tax changes for territories often face a long road in a crowded legislative calendar.
Key Points
- This bill changes tax rules for people and small companies that own businesses in the U.S. Virgin Islands. It stops the federal government from applying a specific global tax to money earned from services performed within the islands.
- To qualify for this tax break, the money must come from labor or personal services done by a company based in the Virgin Islands. The work must be performed by people physically located in the islands rather than elsewhere.
- The goal is to encourage more investment and job growth in the U.S. Virgin Islands. By lowering the tax burden on local service businesses, lawmakers hope to make the islands a more attractive place to do business and hire workers.
- This change would apply to individuals, trusts, and some small corporations that owned their stake in a Virgin Islands company before the end of 2023. It aims to protect existing local investments from being taxed like foreign offshore accounts.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the House Committee on Ways and Means.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
REVIVE VI Act
Data Sources
Sponsor
Cosponsors
(8)Analysis generated by AI. Always verify with official sources.