H.R. 5032 · 117th Congress · House

Territory Economic Development Tax Credit Act

Active· Referred to the House Committee on Ways and Means.
Introduced
Aug 13, 21
Passed House
Pending
Passed Senate
Pending
Sent to President
Pending
Signed into Law
Pending

Executive Summary

Territory Economic Development Tax Credit Act

This bill establishes a new tax credit for wages and tangible investments made by U.S. domestic corporations with branches operating in U.S. territories. It requires that 80% of credible income must be derived from a territory during a 3-year period, and 75% must come from an active trade or business in a territory. The credit is equal to 40% of eligible wages and benefits paid or provided to employees in the territory, subject to certain limitations.

Action Timeline

3
  1. AUG 13, 2021IntroReferral

    Introduced in House

  2. AUG 13, 2021IntroReferral

    Introduced in House

  3. AUG 13, 2021IntroReferral

    Referred to the House Committee on Ways and Means.

Committees

1

Ways and Means Committee

hswm00

Referred: Aug 13, 2021

Active