Lets some U.S. investors in Virgin Islands businesses exclude certain income from tax.
This bill would change how certain U.S. investors calculate a specific type of income tax called global intangible low-taxed income (GILTI). It would allow individuals, trusts, estates, and some closely held corporations to exclude income earned from services performed in the U.S. Virgin Islands from this tax. The goal is to support economic activity in the Virgin Islands.
Today, income from services performed in the Virgin Islands is generally included in the calculation of global intangible low-taxed income (GILTI) for U.S. shareholders. After this bill, "qualified Virgin Islands services income" would be excluded from this calculation for specific types of U.S. shareholders, potentially lowering their U.S. tax liability.
HR 858 · 119th Congress · January 31, 2025 · AI Summary by gemini-2.5-flash · 10/10
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