H.Res. 1553 · 118th Congress
Expressing the sense that the House of Representatives must take responsible and timely action to address the…
Full title
Expressing the sense that the House of Representatives must take responsible and timely action to address the Federal tax loophole that allows Act 22 decree holders to legally evade Federal taxes.
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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RamirezSponsor11 cosponsors · 11 D
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Bush
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Espaillat
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Grijalva
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García
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Goldman
RK
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Khanna
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Lee
JM
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McGovern
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Ocasio-Cortez
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Tlaib
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Velázquez11 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This resolution requires the House of Representatives to address the revenue impact and application of tax law that excludes certain income sourced to Puerto Rico from taxation by the United States and Puerto Rico, particularly the application of the Act to Promote the Relocation of Individual Investors to Puerto Rico (also known as Act 22), which provides…
What it does: CRS summary · Introduced in House · Oct 25, 2024
This resolution requires the House of Representatives to address the revenue impact and application of tax law that excludes certain income sourced to Puerto Rico from taxation by the United States and Puerto Rico, particularly the application of the Act to Promote the Relocation of Individual Investors to Puerto Rico (also known as Act 22), which provides tax benefits to residents of Puerto Rico.
Under current law, income, dividends, interest, and some capital gains sourced to Puerto Rico may be excluded or exempt from tax by both the United States and Puerto Rico. The Internal Revenue Service initiated an audit and compliance campaign targeting individuals who attempt to avoid tax by improperly claiming to be a resident of Puerto Rico or erroneously sourcing income to Puerto Rico (rather than the United States) to claim tax exemptions and exclusions.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Expressing the sense that the House of Representatives must take responsible and timely action to address the Federal tax loophole that allows Act 22 decree holders to legally evade Federal taxes.
Latest action (Oct 25, 2024): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Oct 25, 2024
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.