Territorial Tax Parity and Clarification Act

H.R. 367 · 119th Congress · Jan 13, 2025 · Lineage

A BILL

To amend the Internal Revenue Code of 1986 to modify the source rules for personal property sales in possessions of the United States.

This Act may be cited as the “Territorial Tax Parity and Clarification Act”.

(a)

In general— Section 865(j)(3) of the Internal Revenue Code of 1986 is amended by inserting “, 932,” after “931”.

(b)

Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2023.