legislation: 116-hr-8646

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
116-hr-8646 116 hr 8646 Territory Economic Development Tax Credit Act Taxation 2020-10-20 2020-10-20 Referred to the House Committee on Ways and Means. House Rep. Suozzi, Thomas R. [D-NY-3] NY D S001201 1 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. 2023-01-11T13:44:30Z https://www.congress.gov/bill/116th-congress/house-bill/8646

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