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H.R. 367

U.S. House•In House Committee

Summary

H.R. 367, the Territorial Tax Parity and Clarification Act, was introduced in the House on Jan 13, 2025 by Rep. Stacey Plaskett (D). It was referred to Ways And Means, and last saw action on Jan 13, 2025: Referred to the House Committee on Ways and Means.

Record

Text

H.R. 367 has no co-sponsors and has not gone to a roll call.

hb367/introduced-in-house.txt
119 HR 367 IH: Territorial Tax Parity and Clarification Act
 U.S. House of Representatives
 2025-01-13
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 I  119th CONGRESS  1st Session  H. R. 367  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.
1.
Short title
This Act may be cited as the   Territorial Tax Parity and Clarification Act  .
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.

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

  1. Introduced2025-01-13
  2. Passed House
  3. Passed Senate
  4. Conference
  5. To President
  6. Became Law

CRS Summary

The summaries are the Congressional Research Service’s, one per stage. Read them in full.

Introduced in House Jan 13, 2025

hb367/introduced-in-house.md

Shown Here:
Introduced in House (01/13/2025)

Territorial Tax Parity and Clarification Act

This bill authorizes the Internal Revenue Service (IRS) to limit the income tax payment to the Virgin Islands required to treat income from the sale of certain personal property as foreign-sourced income for federal tax purposes.

As background, income from certain personal property sales from a fixed place of business in a U.S. territory by a U.S. resident may be U.S.-sourced income unless an income tax of at least 10% is paid to the U.S. territory. Under current law, the IRS may limit the 10% tax payment requirement related to income from such personal property sales in Guam, American Samoa, the Northern Mariana Islands, and Puerto Rico.

This bill expands the IRS’s authority to include limiting the tax requirement for personal property sales in the Virgin Islands.

Sponsors

Rep. Stacey Plaskett (D) sponsors H.R. 367 alone.

Stacey Plaskett

Rep. · D–VI · Sponsor

Committees

H.R. 367 went before 1 committee: Ways and Means.

Ways and Means
Ways and Means
Referred To · Jan 13, 2025 · 1,160 Bills

Actions

H.R. 367 has taken 2 actions since Jan 13, 2025.

ChamberAction
Jan 13, 2025
House
Introduced in House
Jan 13, 2025
House
Referred to the House Committee on Ways and Means.Ways and Means Committee

Votes

H.R. 367 has not gone to a roll call.

Titles

H.R. 367 goes by 3 titles, 1 of them short titles.

  • Territorial Tax Parity and Clarification Act — Display Title
  • Territorial Tax Parity and Clarification Act — Short Title(s) as Introduced
  • To amend the Internal Revenue Code of 1986 to modify the source rules for personal property sales in possessions of the United States. — Official Title as Introduced

Classification

The Congressional Research Service files H.R. 367 under Taxation, one of its 31 policy areas, and gives it 6 legislative subjects.

CRS Subjects

CRS assigns every bill one policy area from its 31; H.R. 367’s is Taxation.

hr367/policy-areas.txt
TaxationAgriculture and FoodAnimalsArmed Forces and National SecurityArts, Culture, ReligionCivil Rights and Liberties, Minority IssuesCommerceCongressCrime and Law EnforcementEconomics and Public FinanceEducationEmergency ManagementEnergyEnvironmental ProtectionFamiliesFinance and Financial SectorForeign Trade and International FinanceGovernment Operations and PoliticsHealthHousing and Community DevelopmentImmigrationInternational AffairsLabor and EmploymentLawNative AmericansPublic Lands and Natural ResourcesScience, Technology, CommunicationsSocial WelfareSports and RecreationTransportation and Public WorksWater Resources Development

Legislative Subjects

H.R. 367 carries 6 of CRS’s legislative subjects, from Caribbean area to Virgin Islands.

hr367/subjects.txt
Caribbean areaEnergy pricesOil and gasSales and excise taxesU.S. territories and protectoratesVirgin Islands

Constitutional authority

The clause the sponsor cites as Congress’s power to enact H.R. 367, as entered in the Congressional Record.

[Congressional Record Volume 171, Number 6 (Monday, January 13, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. PLASKETT:H.R. 367.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the Constitution.[Page H112]

Source: congress.gov · legiscan.com