What does Preamble of Territorial Tax Parity and Clarification Act do?

This bill proposes to amend the Internal Revenue Code of 1986. The proposed amendment concerns the source rules for personal property sales. The changes would apply to sales within possessions of the United States.

What does SHORT TITLE. of Territorial Tax Parity and Clarification Act do?

This bill is formally titled the Territorial Tax Parity and Clarification Act.

What does MODIFICATION OF SOURCE RULES FOR PERSONAL PROPERTY SALES IN of Territorial Tax Parity and Clarification Act do?

This section modifies source rules for personal property sales in possessions. Section 865(j)(3) of the Internal Revenue Code of 1986 is amended. The amendment inserts ', 932,' after '931' within Section 865(j)(3). The amendments apply to taxable years beginning after December 31, 2023.

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Territorial Tax Parity and Clarification Act

Last updated: 1/13/2025 · Introduced: 1/13/2025

Author: Stacey Plaskett (D-VI)

TL;DR (AI)

This bill amends the Internal Revenue Code to modify how personal property sales are taxed within U.S. possessions.
The bill specifically alters source rules by referencing sections 931 and 932 of the Internal Revenue Code within Section 865(j)(3).
These changes apply to sales occurring after December 31, 2023.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

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