REVIVE VI Act

This bill lets certain U.S. business owners exclude income earned by their companies in the U.S. Virgin Islands from a specific federal tax calculation known as global intangible low-taxed income, or GILTI. To qualify, the income must come from services actually performed in the Virgin Islands by a company formed there and doing business there. The bill applies to individuals, trusts, estates, and certain types of closely held corporations that own at least 10% of a foreign corporation. It also requires the IRS to provide official guidance on how this exclusion works.

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