A bill to amend the Internal Revenue Code of 1954 to reduce the rate of certain taxes paid to the Virgin Islands on Virgin Islands source income, and for other purposes.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to reduce to ten percent the income tax rate on Virgin Islands source income and provide for corresponding reductions in tax withholding. Provides that limitations on the foreign tax credit shall not apply to taxes paid to the Virgin Islands on Virgin Islands source income.…