[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"current-user-roles":3,"user-subscription":3,"bill:119-hr-363":4},null,{"bill":5,"indexable":177,"summaries":178,"cosponsors":184,"cosponsorSlugs":185,"actions":186,"amendments":205,"amendmentSponsorSlugs":206,"linkages":207,"sponsorSlug":208},{"statusDate":6,"sponsor":7,"updateDate":15,"cboCostEstimates":16,"originChamber":17,"congress":18,"isByRequest":19,"title":20,"createdAt":21,"committeeReports":22,"cosponsorCount":23,"onBehalfOfSponsor":3,"adminOverride":3,"amendmentCount":23,"actionCount":24,"popularTitle":3,"laws":3,"billType":25,"introducedDate":6,"committees":26,"congressGovUrl":27,"constitutionalAuthority":28,"policyArea":29,"deletedAt":3,"latestAction":30,"billNumber":32,"cosponsorCountIncludingWithdrawn":23,"status":33,"keyMilestoneCount":34,"shortTitle":20,"officialTitle":35,"subjects":36,"updatedAt":45,"policyAreaLower":46,"searchTokens":47,"committeeCodes":176},"2025-01-13",{"firstName":8,"lastName":9,"fullName":10,"middleName":11,"state":12,"party":13,"bioguideId":14},"Stacey","Plaskett","Del. Plaskett, Stacey E. [D-VI]","E.","VI","D","P000610","2026-04-29T19:18:00Z",[],"House",119,false,"Territorial Economic Recovery Act","2026-05-10T17:55:57.209Z",[],0,3,"hr",[],"https:\u002F\u002Fwww.congress.gov\u002Fbill\u002F119th-congress\u002Fhouse-bill\u002F363","\u003Cpre>\n[Congressional Record Volume 171, Number 6 (Monday, January 13, 2025)]\n[House]\nFrom the Congressional Record Online through the Government Publishing Office [\u003Ca href=\"https:\u002F\u002Fwww.gpo.gov\">www.gpo.gov\u003C\u002Fa>]\nBy Ms. PLASKETT:\nH.R. 363.\nCongress has the power to enact this legislation pursuant\nto the following:\nArticle I, Section 8 of the Constitution.\n[Page H112]\n\u003C\u002Fpre>","Taxation",{"date":6,"text":31},"Referred to the House Committee on Ways and Means.",363,"in_committee",2,"To amend the Internal Revenue Code of 1986 to exclude certain amounts from the tested income of controlled foreign corporations, and for other purposes.",[37,38,39,40,41,42,43,44],"American Samoa","Guam","Income tax exclusion","Northern Mariana Islands","Puerto Rico","Taxation of foreign income","U.S. territories and protectorates","Virgin Islands","2026-05-22T14:45:11.683Z","taxation",[48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,130,131,132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,159,160,161,162,163,164,165,166,167,168,169,170,171,172,173,174,175],"territorial","te","ter","terr","terri","territ","territo","territor","territori","territoria","economic","ec","eco","econ","econo","econom","economi","recovery","re","rec","reco","recov","recove","recover","act","to","amend","am","ame","amen","the","internal","in","int","inte","inter","intern","interna","revenue","rev","reve","reven","revenu","code","co","cod","of","1986","19","198","exclude","ex","exc","excl","exclu","exclud","certain","ce","cer","cert","certa","certai","amounts","amo","amou","amoun","amount","from","fr","fro","tested","tes","test","teste","income","inc","inco","incom","controlled","con","cont","contr","contro","control","controll","controlle","foreign","fo","for","fore","forei","foreig","corporations","cor","corp","corpo","corpor","corpora","corporat","corporati","corporatio","corporation","and","other","ot","oth","othe","purposes","pu","pur","purp","purpo","purpos","purpose","del","plaskett","pl","pla","plas","plask","plaske","plasket","stacey","st","sta","stac","stace","vi",[],true,[179],{"versionCode":180,"actionDate":6,"actionDesc":181,"text":182,"updateDate":183},"00","Introduced in House","\u003Cp>\u003Cstrong>Territorial Economic Recovery Act\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>This bill excludes the income of certain controlled foreign corporations in U.S. territories from the calculation of global intangible low-taxed income (GILTI) for federal tax purposes.\u003C\u002Fp>\u003Cp>Under current law, a U.S. shareholder of a controlled foreign corporation is required to include in gross income the GILTI of the shareholder. The calculation of GILTI is based, in part, on the controlled foreign corporation’s tested income (the controlled foreign corporation’s gross income less certain exclusions).\u003C\u002Fp>\u003Cp>Under the bill, the income from a qualified possession corporation that is effectively connected with an active trade or business within a U.S. territory (Puerto Rico, U.S. Virgin Islands, Guam, American Samoa, and the Northern Mariana Islands) is excluded from gross income for purposes of calculating a controlled foreign corporation’s tested income.\u003C\u002Fp>\u003Cp>The bill defines a \u003Cem>qualified possession corporation\u003C\u002Fem> as any controlled foreign corporation if, for a three-year period ending in the prior tax year (or for the existence of the controlled foreign corporation if less than three years) (1) 80% or more of the controlled foreign corporation’s gross income was derived from a U.S. territory, and (2) 75% or more of the controlled foreign corporation’s gross income was effectively connected to the active conduct of a trade or business within a U.S. territory.\u003C\u002Fp>","2026-04-29T19:17:17Z",[],{},[187,196,201],{"actionDate":6,"actionDateTime":3,"text":31,"type":188,"actionCode":189,"sourceSystem":190,"committees":192,"recordedVotes":3,"calendarNumber":3,"sequenceIndex":23,"isKeyMilestone":19},"IntroReferral","H11100",{"code":34,"name":191},"House floor actions",[193],{"name":194,"systemCode":195},"Ways and Means Committee","hswm00",{"actionDate":6,"actionDateTime":3,"text":181,"type":188,"actionCode":197,"sourceSystem":198,"committees":3,"recordedVotes":3,"calendarNumber":3,"sequenceIndex":34,"isKeyMilestone":177},"1000",{"code":199,"name":200},9,"Library of Congress",{"actionDate":6,"actionDateTime":3,"text":181,"type":188,"actionCode":202,"sourceSystem":203,"committees":3,"recordedVotes":3,"calendarNumber":3,"sequenceIndex":204,"isKeyMilestone":177},"Intro-H",{"code":199,"name":200},1,[],{},[],"stacey-e-plaskett"]