What does Preamble of REVIVE VI Act do?

This bill proposes to amend the Internal Revenue Code of 1986. The amendment concerns the determination of global intangible low-taxed income. Specifically, it aims to exclude certain income derived from services performed in the Virgin Islands from this calculation.

What does SHORT TITLE. of REVIVE VI Act do?

This bill is formally titled the Restore Economic Vitality and Investment in the Virgin Islands Act.

What does GLOBAL INTANGIBLE LOW-TAXED INCOME DETERMINED WITHOUT REGARD TO of REVIVE VI Act do?

This section amends Section 951A(c)(2)(A)(i) of the Internal Revenue Code of 1986 to add a new subclause (VI) regarding qualified Virgin Islands services income. It defines 'qualified Virgin Islands services income' as gross income for labor or personal services performed in the Virgin Islands by a corporation formed under the laws of the Virgin Islands. The income must be attributable to services performed from within the Virgin Islands by individuals for the benefit of the corporation and effectively connected with a trade or business within the Virgin Islands. The term 'specified United States shareholder' is defined as an individual, trust, estate, or a closely held C corporation that acquired its equity interest before December 31, 2023. The Secretary is authorized to prescribe regulations to carry out these provisions and prevent abuse. The amendments apply to taxable years of foreign corporations beginning after the enactment of this Act, and to taxable years of United States shareholders with or within which such taxable years of foreign corporations end.

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REVIVE VI Act

Last updated: 1/31/2025 · Introduced: 1/31/2025

Author: Ron Estes (R-KS)

TL;DR (AI)

This bill excludes income derived from certain services performed in the U.S. Virgin Islands from the calculation of global intangible low-taxed income.
It defines 'qualified Virgin Islands services income' as income from labor or personal services performed by corporations formed in the Virgin Islands and effectively connected with a trade or business there.
The changes apply to taxable years beginning after the bill's enactment for both foreign corporations and their United States shareholders.

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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