REVIVE VI Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 858 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 858 To amend the Internal Revenue Code of 1986 to determine global intangible low-taxed income without regard to certain income derived from services performed in the Virgin Islands. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES January 31, 2025 Mr. Estes (for himself, Ms. Plaskett, Mr. Hern of Oklahoma, Ms. Sewell, Mr. Feenstra, and Mr. Schneider) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to determine global intangible low-taxed income without regard to certain income derived from services performed in the Virgin Islands. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Restore Economic Vitality and Investment in the Virgin Islands Act'' or the ``REVIVE VI Act''. SEC. 2. GLOBAL INTANGIBLE LOW-TAXED INCOME DETERMINED WITHOUT REGARD TO CERTAIN INCOME DERIVED FROM SERVICES PERFORMED IN THE VIRGIN ISLANDS. (a) In General.--Section 951A(c)(2)(A)(i) of the Internal Revenue Code of 1986 is amended by striking ``and'' at the end of subclause (IV), by striking the period at the end of subclause (V) and inserting ``, and'', and by adding at the end the following new subclause: ``(VI) in the case of any specified United States shareholder, any qualified Virgin Islands services income.''. (b) Definitions and Special Rules.--Section 951A(c)(2) of such Code is amended by adding at the end the following new subparagraph: ``(C) Provisions related to qualified virgin islands services income.--For purposes of subparagraph (A)(i)(VI)-- ``(i) Qualified virgin islands services income.--The term `q