Territorial Economic Recovery Act

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 363 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 363 To amend the Internal Revenue Code of 1986 to exclude certain amounts from the tested income of controlled foreign corporations, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES January 13, 2025 Ms. Plaskett 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 exclude certain amounts from the tested income of controlled foreign corporations, and for other purposes. 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 ``Territorial Economic Recovery Act''. SEC. 2. INCOME OF CERTAIN QUALIFIED POSSESSION CORPORATIONS EXCLUDED FROM TESTED INCOME. (a) In General.--Section 951A of the Internal Revenue Code of 1986 is amended-- (1) in subsection (c)(2)(A)(i), by striking ``and'' at t…