Amends the Internal Revenue Code to reduce the income tax rate on Virgin Islands source income and provide for corresponding reductions in tax withholding. Provides for a per country limitation on the foreign tax credit with respect to taxes paid or deemed paid to the Virgin Islands.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
Referred to Subcommittee on Select Revenue Measures.
Subcommittee Hearings Held.
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