,i #aaeth ,,congress #ast ,session ,h4 ,r4 #ahe ,,in ,,the ,,house ,,of ,,representatives ,january #c1 #bjag,ms4 ,plaskett 7for herself and ,ms4 ,bordallo7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to provide for economic recovery in the ,virgin ,islands and ,guam1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,territorial ,economic ,growth and ,recovery ,act of #bjag4 #b4 ,repeal of limitation on cover over of distilled spirits taxes 7a7 ,in general ,section #gfeb7;f7 of the ,internal ,revenue ,code of #aihf is repealed4 7b7 ,effective date ,the amendment made by this section shall apply to distilled spirits brought into the ,united ,states after ,december #ca1 #bjaf4 #c4 ,payments to ,united ,states territories and possessions 7a7 ,earned income credit ,section #cb of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following3 7n7 ,treatment of possessions 7#a7 ,payments to possessions 7,a7 ,mirror code possession ,the ,secretary of the ,treasury shall periodically 7but not less frequently than annually7 pay to each possession of the ,united ,states with a mirror code tax system amounts equal to the loss to that possession by reason of the application of this section 7determined without regard to paragraph 7#b77 with respect to taxable years beginning after ,december #ca1 #bjaf4 ,such amounts shall be determined by the ,secretary of the ,treasury based on information provided by the government of the respective possession4 7,b7 ,other possessions ,the ,secretary of the ,treasury shall periodically 7but no less frequently than annually7 pay to each possession of the ,united ,states which does not have a mirror code tax system amounts estimated by the ,secretary of the ,treasury as being equal to the aggregate benefits that would have been provided to residents of such possession by reason of the application of this section for taxable years beginning after ,december #ca1 #bjaf1 if a mirror code tax system had been in effect in such possession4 ,the preceding sentence shall not apply with respect to any possession of the ,united ,states unless such possession has a plan1 which has been approved by the ,secretary of the ,treasury1 under which such possession will promptly distribute such payments to the residents of such possession4 7#b7 ,coordination with credit allowed against ,united ,states income taxes ,no credit shall be allowed under this section for any taxable year to any person-- 7,a7 to whom a credit is allowed against taxes imposed by the possession by reason of this section 7determined without regard to this paragraph7 for such taxable year1 or 7,b7 who is eligible for a payment under a plan described in paragraph 7#a77;,b7 with respect to such taxable year4 7#c7 ,definitions and special rules 7,a7 ,possession of the ,united ,states ,for purposes of this subsection1 the term possession of the ,united ,states includes the ,commonwealth of ,puerto ,rico and the ,commonwealth of the ,northern ,mariana ,islands4 7,b7 ,mirror code tax system ,for purposes of this subsection1 the term mirror code tax system means1 with respect to any possession of the ,united ,states1 the income tax system of such possession if the income tax liability of the residents of such possession under such system is determined by reference to the income tax laws of the ,united ,states as if such possession were the ,united ,states1 and such system includes a tax credit substantially identical to the credit allowed under this section4 7,c7 ,treatment of payments ,for purposes of section #acbd7;b77#b7 of title #ca1 ,united ,states ,code1 or any similar rule of law1 any payment made under this subsection shall be treated in the same manner as a refund due from the credit allowed under this section4 4 7b7 ,child tax credit ,section #bd of such ,code is amended by adding at the end the following3 7h7 ,payments to ,virgin ,islands and ,guam for lost revenue ,the ,secretary shall make annual payments to the ,virgin ,islands and to ,guam in amounts equal to the aggregate loss to the ,virgin ,islands or ,guam1 as the case may be1 by reason of the application of this section with respect to taxable years beginning after #bjaf4 ,such amounts shall be determined by the ,secretary based on information provided by the ,virgin ,islands and ,guam4 ,for purposes of section #acbd7;b77#b7 of title #ca1 ,united ,states ,code1 the payments under this subsection shall be treated in the same manner as a refund due from the credit allowed under this section4 4 7c7 ,effective date ,the amendments made by this section shall apply with respect to taxable years beginning after ,december #ca1 #bjaf4 #d4 ,study and report regarding ,virgin ,islands public pension plans ,not later than #f months after the date of the enactment of this ,act1 the ,joint ,board for the ,enrollment of ,actuaries established under section #cjda of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #abda7 shall report to the ,office of ,domestic ,finance of the ,department of the ,treasury on recommendations on actions that would be necessary to ensure that the public pension plans of the ,virgin ,islands can be sustainably maintained and funded by the government of the ,virgin ,islands for the next #bj years4