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116-hr-8646116th Congress
Territory Economic Development Tax Credit Act
Sponsored By: Representative Suozzi, Thomas R. [D-NY-3]
Unknown
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.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & CoSponsors
Sponsor
Suozzi, Thomas R. [D-NY-3]
NY • D
Cosponsors
Rep. Velázquez, Nydia M. [D-NY-7]
NY • D
Sponsored 10/20/2020
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov