H.R. 365
119th CONGRESS 1st Session
To amend the Internal Revenue Code of 1986 to modify the residence and source rules to provide for economic recovery in the possessions of the United States.
IN THE HOUSE OF REPRESENTATIVES · January 13, 2025 · Sponsor: Ms. Plaskett · Committee: Committee on Ways and Means
Table of contents
SEC. 1. Short title
- This Act may be cited as the Territorial Tax Parity Act of 2025.
SEC. 2. Modification to source rules involving possessions
- (a) In general
- of the Internal Revenue Code of 1986 is amended by inserting before the period at the end. Section 937(b)(2)
- (b) Source rules for personal property sales
- Section 865(j)(3) of such Code is amended by inserting after .
- (c) Effective date
- The amendments made by this section shall apply to taxable years beginning after December 31, 2024.