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.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill, 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., changes federal law or congressional policy affecting foreign governments, international partners, and aid recipients. The main policy domain is Foreign Policy.
Who Benefits and How
foreign governments, international partners, and aid recipients may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, foreign governments, international partners, and aid recipients may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section HB183E1787EB24905AC14BE66C7CE4617: 1. Short title This Act may be cited as the Territorial Tax Parity and Fairness Act.
- Section HB51DD377806C4648B28D27CF95B2E4B8: 2. 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...
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
This bill, 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., changes federal law or congressional policy affecting foreign governments, international partners, and aid recipients.
Key Policy Areas
Foreign Policy
Primary Purpose
This bill, 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., changes federal law or congressional policy affecting foreign governments, international partners, and aid recipients.
Policy Domains
Whole bill
Identified Gains
- foreign governments, international partners, and aid recipients
Identified Costs
- federal implementing agencies
- foreign governments, international partners, and aid recipients
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?
- "federal_implementing_agencies"
- → Federal agencies assigned duties by the bill
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
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