REVIVE VI Act

Summary

Restore Economic Vitality and Investment in the Virgin Islands Act or the REVIVE VI Act This bill allows certain U.S. shareholders of a controlled foreign corporation to exclude qualified Virgin Islands service income from the calculation of global intangible low-taxed income (GILTI) for federal tax purposes. It also requires the Internal Revenue Service (IRS) to issue guidance on the exclusion. (Some limitations apply.) Under current law, U.S. shareholders that own 10% or more of a controlled foreign corporation are required to include in gross income the GILTI of the controlled foreign corporation. The calculation of GILTI is based, in part, on the controlled foreign corporation’s tested income (the controlled foreign corporation’s gross income excluding certain types of income and dividends). Under the bill, specified U.S. shareholders (individuals, trusts, estates, and certain closely-held C corporations) may exclude qualified Virgin Islands service income from a controlled foreign corporation’s gross income for purposes of calculating the controlled foreign corporation’s tested income. The bill defines qualified Virgin Islands service income as gross income that is compensation for labor or personal services performed in the Virgin Islands by a corporation formed under Virgin Islands laws, attributable to services performed in the Virgin Islands by individuals for the benefit of such corporation, and effectively connected with the conduct of a trade or business in the Virgin Islands. Finally, the bill requires the IRS to issue guidance on the exclusion of qualified Virgin Island service income from the GILTI calculation.

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Timeline

1. 31 January 2025

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 31 January 2025

   Introduced

   Introduced in House

   Source: IntroReferral

3. 31 January 2025

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

• Introduced in House

  Introduced in House · EN · 31 January 2025

  DownloadOpen at official source

• Introduced in House

  summary · EN · 31 January 2025

  Open at official source

Sponsors

• Rep. Estes, Ron [R-KS-4] · R · Sponsor
• Del. Plaskett, Stacey E. [D-VI-At Large] · D · Sponsor
• Rep. Hern, Kevin [R-OK-1] · R · Sponsor
• Terri Sewell · D · Sponsor
• Rep. Feenstra, Randy [R-IA-4] · R · Sponsor
• Bradley Schneider · D · Sponsor
• Rep. Miller, Carol D. [R-WV-1] · R · Cosponsor
• Max Miller · R · Cosponsor
• Suzan DelBene · D · Cosponsor
• · hswm00 · Standing

Related records

• related to ← International Competition for American Jobs Act