To amend the Internal Revenue Code of 1986 to provide that certain bona fide residents of the Virgin Islands who are shareholders of corporations organized under the laws of the Virgin Islands are not treated as United States persons for purposes of determining certain inclusions in gross income with respect to such corporations.
Summary
What This Bill Does
The bill creates short title This Act may be cited as the Territorial Tax Parity and Fairness Act and requires certain bona fide residents of Virgin Islands Section 957(c) of the Internal Revenue Code of 1986 is amended by striking and at the end of paragraph (1), by redesignating paragraph (2) as paragraph (3), and. It relies on tax rate changes, definition changes, and compliance mandates. The main policy areas are Regulated Industries.
Who Benefits and How
Regulated entities and members of the public affected by the bill could face reduced risk and Public beneficiaries or protected communities affected by the clause could face reduced risk.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties and Regulated entities and members of the public affected by the bill would take on compliance duties.
Key Provisions
- Creates short title This Act may be cited as the Territorial Tax Parity and Fairness Act.
- Requires certain bona fide residents of Virgin Islands Section 957(c) of the Internal Revenue Code of 1986 is amended by striking and at the end of paragraph (1), by redesignating paragraph (2) as paragraph (3), and...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill creates short title This Act may be cited as the Territorial Tax Parity and Fairness Act and requires certain bona fide residents of Virgin Islands Section 957(c) of the Internal Revenue Code of 1986 is amended by striking and at the end of paragraph (1), by redesignating paragraph (2) as paragraph (3), and.
Key Policy Areas
Regulated Industries
Primary Purpose
The bill creates short title This Act may be cited as the Territorial Tax Parity and Fairness Act and requires certain bona fide residents of Virgin Islands Section 957(c) of the Internal Revenue Code of 1986 is amended by striking and at the end of paragraph (1), by redesignating paragraph (2) as paragraph (3), and.
Policy Domains
Whole bill
Identified Gains
- Regulated entities and members of the public affected by the bill
- Public beneficiaries or protected communities affected by the clause
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
- Regulated entities and members of the public affected by the bill
Legislative Progress
IntroducedMs. Plaskett introduced the following bill; which was referred to …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
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