HR. 363In Committee
Territorial Economic Recovery Act
Excludes certain controlled foreign corporation income earned through active business in U.S. territories from GILTI tax calculations
Plain-English overview
What this bill does
Excludes certain controlled foreign corporation income earned through active business in U.S. territories from GILTI tax calculations
Key points
- Exclude territorial CFC income
- Define qualified possession corporation
Current status
Where it stands
Status
In Committee
Latest action
2025-01-13 — Referred to the House Committee on Ways and Means.
Related context
Topics and policy areas
undefinedAmerican SamoaGuamIncome tax exclusionNorthern Mariana IslandsPuerto RicoTaxationTaxation of foreign income