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, to provide that the foreign tax credit shall be applied separately with respect to taxes paid or deemed paid to the Virgin Islands, and for other purposes.

[AI summary unavailable — showing source text] 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.…