# 116-hr-8646: Territory Economic Development Tax Credit Act

116-hr-8646, Territory Economic Development Tax Credit Act, is a 116th Congress bill sponsored by Rep. Suozzi, Thomas R. [D-NY-3] (D-NY); status Referred to the House Committee on Ways and Means. (as of 2025-11-18).

- Canonical: https://policyrisk.com/legislation/116-hr-8646
- As of: 2025-11-18
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 116-hr-8646
- Congress: 116
- Title: Territory Economic Development Tax Credit Act
- Status: Referred to the House Committee on Ways and Means.
- Introduced: 2020-10-20
- Sponsor: Rep. Suozzi, Thomas R. [D-NY-3] (D-NY)
- Cosponsors: 1
- Policy area: Taxation
- Touches household money: no
- Last recorded action: 2025-11-18

## 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.

## Cosponsors (1)

- Rep. Velázquez, Nydia M. [D-NY-7] (D-NY), 2020-10-20T00:00:00.000Z

## Related bills

- 116-hr-8867: CATS Act of 2020
- 116-hr-8820: PASS Act
- 116-hr-8664: PPE for Safe Schools Act
- 116-hr-8662: Accelerating Access to Critical Therapies for ALS Act
- 116-hr-8626: Energy Resilient Communities Act
- 116-hr-8598: Emergency Social Security COLA for 2021 Act

## Sources
- [116-hr-8646 on Congress.gov](https://www.congress.gov/bill/116th-congress/house-bill/8646)

## Related
- [116-hr-8867: CATS Act of 2020](https://policyrisk.com/legislation/116-hr-8867)
- [116-hr-8820: PASS Act](https://policyrisk.com/legislation/116-hr-8820)
- [116-hr-8664: PPE for Safe Schools Act](https://policyrisk.com/legislation/116-hr-8664)
- [116-hr-8662: Accelerating Access to Critical Therapies for ALS Act](https://policyrisk.com/legislation/116-hr-8662)
- [116-hr-8626: Energy Resilient Communities Act](https://policyrisk.com/legislation/116-hr-8626)
- [116-hr-8598: Emergency Social Security COLA for 2021 Act](https://policyrisk.com/legislation/116-hr-8598)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/116-hr-8646 (as of 2025-11-18).