Loading Map…

REVIVE VI Act

Taxation

4 pages

house

senate

president

Introduced on January 31, 2025 by Ron Estes

Sponsors (9)

House Votes

Vote Data Not Available

Senate Votes

Vote Data Not Available

AI Summary

Text Versions

Text as it was Introduced in House

January 31, 2025•4 pages

View

Amendments

No Amendments

This bill changes how the “global intangible low-taxed income” rule is calculated. For certain U.S. owners, it would ignore income from services actually done in the U.S. Virgin Islands by a Virgin Islands corporation, if that income meets specific tests .

Key points

Which income is ignored: Pay for labor or personal services performed in the Virgin Islands, earned by a corporation formed there; the work must be done from within the Virgin Islands by individuals for that corporation, and be tied to a real business in the Virgin Islands.
Who qualifies: “Specified U.S. shareholders,” meaning individuals, trusts, estates, and closely held C corporations that owned their stake in the relevant foreign company before December 31, 2023.
When it starts: Applies to tax years of foreign corporations that begin after the bill becomes law, and to the matching tax years of the U.S. owners.
Oversight: The Treasury Department must issue rules to carry this out and prevent abuse.