The REVIVE VI Act: Tax Changes for Virgin Islands Service Income

Where This Stands

Introduced

Committee

Floor Vote

Passed

Signed

Currently IN_COMMITTEE. The next step in the legislative lifecycle is Floor Vote.

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

View official text →

The Frame

What this does

This change affects the federal tax liability of U.S. shareholders who own corporations performing services in the Virgin Islands, specifically impacting how their foreign-derived income is reported and taxed starting in the next taxable year.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

U.S. shareholders of Virgin Islands corporations

These entities may see a change in their federal tax liability regarding global intangible low-taxed income.

Virgin Islands-based corporations

The bill establishes specific criteria for income earned by these corporations to be classified as 'qualified Virgin Islands services income'.

What changed

Current stage: IN_COMMITTEE.

What's next

Floor Vote.

Background

Ms. Plaskett serves as the Delegate to the U.S. House of Representatives for the U.S. Virgin Islands. context
Mr. Estes is a member of the U.S. House of Representatives representing Kansas's 4th congressional district. context

Summary

This bill changes how certain income earned by corporations in the U.S. Virgin Islands is taxed under federal law. It allows specific service-related income to be excluded from the calculation of 'global intangible low-taxed income' (GILTI), potentially lowering the tax burden for qualifying businesses.

Key Facts

You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.

Why It Matters

This change affects the federal tax liability of U.S. shareholders who own corporations performing services in the Virgin Islands, specifically impacting how their foreign-derived income is reported and taxed starting in the next taxable year.

Frequently Asked Questions

Who qualifies for this tax change?

The change applies to 'specified United States shareholders,' which includes individuals, trusts, estates, or s that held their interest in the foreign corporation before December 31, 2023.

What kind of income is eligible?

Eligible income must be compensation for labor or personal services performed in the Virgin Islands by a corporation formed under Virgin Islands law, and it must be effectively connected to a trade or business within the Virgin Islands.

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Connected Entities

dollar_amount1986“Year of the Internal Revenue Code”Map →

locationVirgin Islands“Region affected by the bill”Map →

dollar_amount469“Section of the Internal Revenue Code”Map →

dollar_amount951“Section of the Internal Revenue Code”Map →

personStacey Plaskett“Introduced the bill”Map →

personRon Estes“Co-sponsored the bill”Map →

otherInternal Revenue Code of 1986“Code being amended”Map →

bill_numberH.R. 10503“Bill number”Map →

dateDecember 31, 2023“Date before which corporations must have acquired equity interest”Map →

dollar_amount10503“Bill number, not a dollar amount”Map →

dollar_amount862“Section of the Internal Revenue Code”Map →

dateDecember 18, 2024“Date the bill was introduced”Map →

Analysis Score

0–100

Significance65
How much this matters to a regular citizen
Controversy20
Intensity of disagreement among stakeholders
Entertainment5
Compellingness for a non-policy-wonk reader
Buzz15
Current news / social attention level