| 1 | 1 | | I |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION H. R. 365 |
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| 5 | 5 | | To amend the Internal Revenue Code of 1986 to modify the residence and |
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| 6 | 6 | | source rules to provide for economic recovery in the possessions of the |
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| 7 | 7 | | United States. |
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| 8 | 8 | | IN THE HOUSE OF REPRESENTATIVES |
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| 9 | 9 | | JANUARY13, 2025 |
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| 10 | 10 | | Ms. P |
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| 11 | 11 | | LASKETTintroduced the following bill; which was referred to the |
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| 12 | 12 | | Committee on Ways and Means |
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| 13 | 13 | | A BILL |
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| 14 | 14 | | To amend the Internal Revenue Code of 1986 to modify |
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| 15 | 15 | | the residence and source rules to provide for economic |
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| 16 | 16 | | recovery in the possessions of the United States. |
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| 17 | 17 | | Be it enacted by the Senate and House of Representa-1 |
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| 18 | 18 | | tives of the United States of America in Congress assembled, 2 |
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| 19 | 19 | | SECTION 1. SHORT TITLE. 3 |
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| 20 | 20 | | This Act may be cited as the ‘‘Territorial Tax Parity 4 |
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| 21 | 21 | | Act of 2025’’. 5 |
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| 22 | 22 | | SEC. 2. MODIFICATION TO SOURCE RULES INVOLVING POS-6 |
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| 23 | 23 | | SESSIONS. 7 |
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| 24 | 24 | | (a) I |
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| 25 | 25 | | NGENERAL.—Section 937(b)(2) of the Internal 8 |
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| 26 | 26 | | Revenue Code of 1986 is amended by inserting ‘‘, but only 9 |
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| 27 | 27 | | VerDate Sep 11 2014 18:04 Feb 05, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H365.IH H365 |
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| 28 | 28 | | ssavage on LAPJG3WLY3PROD with BILLS 2 |
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| 29 | 29 | | •HR 365 IH |
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| 30 | 30 | | to the extent such income is attributable to an office or 1 |
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| 31 | 31 | | fixed place of business within the United States (deter-2 |
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| 32 | 32 | | mined under the rules of section 864(c)(5))’’ before the 3 |
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| 33 | 33 | | period at the end. 4 |
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| 34 | 34 | | (b) S |
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| 35 | 35 | | OURCERULES FOR PERSONALPROPERTY 5 |
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| 36 | 36 | | S |
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| 37 | 37 | | ALES.—Section 865(j)(3) of such Code is amended by 6 |
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| 38 | 38 | | inserting ‘‘, 932,’’ after ‘‘931’’. 7 |
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| 39 | 39 | | (c) E |
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| 40 | 40 | | FFECTIVEDATE.—The amendments made by 8 |
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| 41 | 41 | | this section shall apply to taxable years beginning after 9 |
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| 42 | 42 | | December 31, 2024. 10 |
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| 43 | 43 | | Æ |
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| 44 | 44 | | VerDate Sep 11 2014 18:04 Feb 05, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H365.IH H365 |
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| 45 | 45 | | ssavage on LAPJG3WLY3PROD with BILLS |
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