S. 2485 · 117th Congress · Senate

Territory Economic Development Tax Credit Act

Active· Read twice and referred to the Committee on Finance.
Introduced
Jul 27, 21
Passed Senate
Pending
Passed House
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

2
  1. JUL 27, 2021IntroReferral

    Introduced in Senate

  2. JUL 27, 2021IntroReferral

    Read twice and referred to the Committee on Finance.

Committees

1

Finance Committee

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Referred: Jul 27, 2021

Active