The Territorial Tax Parity Act of 2023 aims to provide tax parity for U.S. territories by aligning their tax treatment with that of states. The bill's main provisions include exempting residents in U.S. territories from federal income taxes on locally sourced income, allowing businesses in these territories to claim tax credits, and ensuring equitable treatment for territories in tax-related matters. This act intends to promote economic development, investment, and job creation in U.S. territories by eliminating tax disparities between them and the states, ultimately fostering greater parity and fairness in the federal tax system.
2023-02-14: Introduced in House
2023-02-14: Referred to the House Committee on Ways and Means.
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