0
0
0
REVIVE VI Act
2/28/2025, 8:23 AM
Summary of Bill HR 858
Bill 119 HR 858, also known as the "Global Intangible Low-Taxed Income (GILTI) Act," aims to make changes to the Internal Revenue Code of 1986. Specifically, this bill seeks to alter how global intangible low-taxed income is calculated, by excluding certain income derived from services performed in the Virgin Islands.
The GILTI provision was originally introduced as part of the Tax Cuts and Jobs Act of 2017, in an effort to prevent multinational corporations from shifting profits to low-tax jurisdictions. However, there have been concerns raised about the impact of this provision on businesses operating in the Virgin Islands, as it could potentially result in double taxation for income earned in that territory.
By amending the calculation of GILTI to exclude income derived from services performed in the Virgin Islands, this bill aims to address these concerns and ensure that businesses operating in the territory are not unfairly penalized. This change would help to provide clarity and consistency in the tax treatment of income earned in the Virgin Islands, while still maintaining the overall integrity of the GILTI provision. Overall, Bill 119 HR 858 seeks to make targeted adjustments to the tax code in order to promote fairness and efficiency in the taxation of global intangible low-taxed income.
The GILTI provision was originally introduced as part of the Tax Cuts and Jobs Act of 2017, in an effort to prevent multinational corporations from shifting profits to low-tax jurisdictions. However, there have been concerns raised about the impact of this provision on businesses operating in the Virgin Islands, as it could potentially result in double taxation for income earned in that territory.
By amending the calculation of GILTI to exclude income derived from services performed in the Virgin Islands, this bill aims to address these concerns and ensure that businesses operating in the territory are not unfairly penalized. This change would help to provide clarity and consistency in the tax treatment of income earned in the Virgin Islands, while still maintaining the overall integrity of the GILTI provision. Overall, Bill 119 HR 858 seeks to make targeted adjustments to the tax code in order to promote fairness and efficiency in the taxation of global intangible low-taxed income.
Read the Full Bill
Current Status of Bill HR 858
Bill HR 858 is currently in the status of Bill Introduced since January 31, 2025. Bill HR 858 was introduced during Congress 119 and was introduced to the House on January 31, 2025. Bill HR 858's most recent activity was Referred to the House Committee on Ways and Means. as of January 31, 2025
Bipartisan Support of Bill HR 858
Total Number of Sponsors
3Democrat Sponsors
0Republican Sponsors
3Unaffiliated Sponsors
0Total Number of Cosponsors
11Democrat Cosponsors
6Republican Cosponsors
5Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 858
Primary Policy Focus
Alternate Title(s) of Bill HR 858
To amend the Internal Revenue Code of 1986 to determine global intangible low-taxed income without regard to certain income derived from services performed in the Virgin Islands.
To amend the Internal Revenue Code of 1986 to determine global intangible low-taxed income without regard to certain income derived from services performed in the Virgin Islands.
Comments
Sponsors and Cosponsors of HR 858
Latest Bills
To authorize the Secretary of Education, in collaboration with the Secretary of Health and Human Services, to establish an interagency advisory Commission on Advancing Restorative Justice in Elementary and Secondary Education, and for other purposes.
Bill HR 8360April 17, 2026
To amend the Higher Education Act of 1965 to remove all adverse credit history related to a loan from the credit history of a borrower who has rehabilitated the loan.
Bill HR 8361April 17, 2026
To reauthorize the YouthBuild program, and for other purposes.
Bill HR 8333April 17, 2026
To raise the Foreign Service mandatory retirement age by aligning it with the Social Security Full Retirement Age, and for other purposes.
Bill HR 8346April 17, 2026
To amend the FISA Amendments Act of 2008 to extend the authorities of title VII of the Foreign Intelligence Surveillance Act of 1978 through April 30, 2026, and for other purposes.
Bill HR 8322April 17, 2026
To amend title II of the Social Security Act to repeal the retirement earnings test, and for other purposes.
Bill HR 8344April 17, 2026
To amend section 133 of title 23, United States Code, to remove a certain State funding set-aside for transportation alternative programs, and for other purposes.
Bill HR 8349April 17, 2026
To amend title XI of the Social Security Act to require the Center for Medicare and Medicaid Innovation to test a model to reduce chronic diseases by using accountable produce is medicine.
Bill HR 8355April 17, 2026
To amend the Federal Food, Drug, and Cosmetic Act to enhance drug manufacturing amount information reporting, and for other purposes.
Bill HR 8339April 17, 2026
Supporting the designation of the week of April 11 through April 17, 2026, as "Black Maternal Health Week", founded by Black Mamas Matter Alliance, Inc. (BMMA), to bring national attention to the maternal and reproductive health crisis in the United States and the importance of reducing maternal mortality and morbidity among Black women and birthing people.
Bill HRES 1183April 17, 2026