Us Congress 2025-2026 Regular Session

Us Congress House Bill HB858 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 858
5	5	To amend the Internal Revenue Code of 1986 to determine global intangible
6	6	low-taxed income without regard to certain income derived from services
7	7	performed in the Virgin Islands.
8	8	IN THE HOUSE OF REPRESENTATIVES
9	9	JANUARY31, 2025
10	10	Mr. E
11	11	STES(for himself, Ms. PLASKETT, Mr. HERNof Oklahoma, Ms. SE-
12	12	WELL, Mr. FEENSTRA, and Mr. SCHNEIDER) introduced the following
13	13	bill; which was referred to the Committee on Ways and Means
14	14	A BILL
15	15	To amend the Internal Revenue Code of 1986 to determine
16	16	global intangible low-taxed income without regard to cer-
17	17	tain income derived from services performed in the Vir-
18	18	gin Islands.
19	19	Be it enacted by the Senate and House of Representa-1
20	20	tives of the United States of America in Congress assembled, 2
21	21	SECTION 1. SHORT TITLE. 3
22	22	This Act may be cited as the ‘‘Restore Economic Vi-4
23	23	tality and Investment in the Virgin Islands Act’’ or the 5
24	24	‘‘REVIVE VI Act’’. 6
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27	27	•HR 858 IH
28	28	SEC. 2. GLOBAL INTANGIBLE LOW-TAXED INCOME DETER-1
29	29	MINED WITHOUT REGARD TO CERTAIN IN-2
30	30	COME DERIVED FROM SERVICES PER-3
31	31	FORMED IN THE VIRGIN ISLANDS. 4
32	32	(a) I
33	33	NGENERAL.—Section 951A(c)(2)(A)(i) of the 5
34	34	Internal Revenue Code of 1986 is amended by striking 6
35	35	‘‘and’’ at the end of subclause (IV), by striking the period 7
36	36	at the end of subclause (V) and inserting ‘‘, and’’, and 8
37	37	by adding at the end the following new subclause: 9
38	38	‘‘(VI) in the case of any specified 10
39	39	United States shareholder, any quali-11
40	40	fied Virgin Islands services income.’’. 12
41	41	(b) D
42	42	EFINITIONS AND SPECIALRULES.—Section 13
43	43	951A(c)(2) of such Code is amended by adding at the end 14
44	44	the following new subparagraph: 15
45	45	‘‘(C) P
46	46	ROVISIONS RELATED TO QUALIFIED 16
47	47	VIRGIN ISLANDS SERVICES INCOME .—For pur-17
48	48	poses of subparagraph (A)(i)(VI)— 18
49	49	‘‘(i) Q
50	50	UALIFIED VIRGIN ISLANDS 19
51	51	SERVICES INCOME.—The term ‘qualified 20
52	52	Virgin Islands services income’ means any 21
53	53	gross income which satisfies all of the fol-22
54	54	lowing requirements: 23
55	55	‘‘(I) Such gross income is com-24
56	56	pensation for labor or personal serv-25
57	57	ices (within the meaning of section 26
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60	60	•HR 858 IH
61	61	862(a)(3)) performed in the Virgin Is-1
62	62	lands by a corporation formed under 2
63	63	the laws of the Virgin Islands. 3
64	64	‘‘(II) Such gross income is attrib-4
65	65	utable to services performed from 5
66	66	within the Virgin Islands by individ-6
67	67	uals for the benefit of such corpora-7
68	68	tion. 8
69	69	‘‘(III) Such gross income is effec-9
70	70	tively connected with the conduct of a 10
71	71	trade or business within the Virgin Is-11
72	72	lands. 12
73	73	‘‘(ii) S
74	74	PECIFIED UNITED STATES 13
75	75	SHAREHOLDER.—The term ‘specified 14
76	76	United States shareholder’ means any 15
77	77	United States shareholder which is— 16
78	78	‘‘(I) an individual, trust, or es-17
79	79	tate, or 18
80	80	‘‘(II) a closely held C corporation 19
81	81	(as defined in section 469(j)(1)) if 20
82	82	such corporation acquired its direct or 21
83	83	indirect equity interest in the foreign 22
84	84	corporation which derived the quali-23
85	85	fied Virgin Islands services income be-24
86	86	fore December 31, 2023. 25
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89	89	•HR 858 IH
90	90	‘‘(iii) REGULATIONS.—The Secretary 1
91	91	shall prescribe such regulations or other 2
92	92	guidance as may be necessary or appro-3
93	93	priate to carry out this subparagraph and 4
94	94	subparagraph (A)(i)(VI), including regula-5
95	95	tions or other guidance to prevent the 6
96	96	abuse of such subparagraphs.’’. 7
97	97	(c) E
98	98	FFECTIVEDATE.—The amendments made by 8
99	99	this section shall apply to taxable years of foreign corpora-9
100	100	tions beginning after the date of the enactment of this 10
101	101	Act, and to taxable years of United States shareholders 11
102	102	with or within which such taxable years of foreign corpora-12
103	103	tions end. 13
104	104	Æ
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