The Territorial Tax Parity and Fairness Act aims to promote fairness in taxation for U.S. territories by aligning their tax treatment with that of states. The bill seeks to address disparities in tax policies between territories and states by ensuring that residents of territories are not subject to higher federal income taxes. It aims to create a more equitable tax system by providing parity in tax benefits and obligations for individuals and businesses in U.S. territories compared to those in the states. This legislation could have significant impacts on the economic development and competitiveness of the territories by removing barriers to investment and promoting equal treatment under the federal tax code.
2023-02-14: Introduced in House
2023-02-14: Referred to the House Committee on Ways and Means.
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