Referred to the House Committee on Ways and Means.
This bill amends Internal Revenue Code section 951A (GILTI) to exclude certain income earned from services performed in the U.S. Virgin Islands by Virgin Islands corporations from GILTI calculations. It defines "qualified Virgin Islands services income," limits which U.S. shareholders are covered, requires Treasury regulations to prevent abuse, and applies to foreign corporations' taxable years beginning after enactment.
Progressives stress worker protections and revenue offsets.
Relative to its intended legislative type, this bill is a narrowly targeted substantive amendment to the Internal Revenue Code that is reasonably well-specified in statutory terms.
This bill amends Internal Revenue Code section 951A (GILTI) to exclude certain income earned from services performed in the U.S. Virgin Islands by Virgin Islands corporations from GILTI calculations.
It defines "qualified Virgin Islands services income," limits which U.S. shareholders are covered, requires Treasury regulations to prevent abuse, and applies to foreign corporations' taxable years beginning after enactment.
Moderately plausible as a narrow, territory‑boosting tax carve‑out but constrained by fiscal scrutiny and Senate hurdles.
Relative to its intended legislative type, this bill is a narrowly targeted substantive amendment to the Internal Revenue Code that is reasonably well-specified in statutory terms. It defines the excluded category precisely, identifies affected taxpayers, sets an effective date, and delegates necessary regulatory authority.
Progressives stress worker protections and revenue offsets.
These are examples from the analysis, not a ranked list of the most-affected groups.
Progressives stress worker protections and revenue offsets.
Mixed reaction: supports economic aid to U.S. territories and potential local job growth, but worries the provision primarily benefits shareholders and may reduce federal revenue.
Would seek stronger worker protections, transparency, and revenue offsets to ensure benefits reach local residents.
Generally favorable but cautious: the bill is a targeted territorial incentive that could spur investment, yet raises legitimate fiscal and anti-abuse questions.
Support likely contingent on clear Treasury regulations, measurable outcomes, and budgetary offsets or sunset/evaluation provisions.
Supportive: sees the bill as sensible tax relief to attract investment and jobs to the Virgin Islands.
Prefers market-driven growth and views territorial tax incentives as appropriate federal policy to spur private-sector activity.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Moderately plausible as a narrow, territory‑boosting tax carve‑out but constrained by fiscal scrutiny and Senate hurdles.
The bill has not accumulated any surfaced votes yet.
Progressives stress worker protections and revenue offsets.
Moderately plausible as a narrow, territory‑boosting tax carve‑out but constrained by fiscal scrutiny and Senate hurdles.
Relative to its intended legislative type, this bill is a narrowly targeted substantive amendment to the Internal Revenue Code that is reasonably well-specified in statutory terms. It defines the excluded category preci…
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