,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #ahe  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,janu>y #c1 #bjag,ms4 
,plaskett 7= h]self & ,ms4 ,bordallo7   
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,ways & ,means  ,a     
,,bill  ,to am5d ! ,int]nal ,rev5ue     
,code ( #aihf to provide = economic     
recov]y 9 ! ,virg9 ,isl&s & ,guam1 & =  
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,t]ritorial ,economic  
,gr[? & ,recov]y ,act ( #bjag4  #b4     
,repeal ( limitation on cov] ov] (      
di/ill$ spirits taxes  7a7 ,9 g5]al     
,section #gfeb7;f7 ( ! ,int]nal ,rev5ue 
,code ( #aihf is repeal$4  7b7          
,effective date ,! am5dm5t made by ?is  
section %all apply to di/ill$ spirits   
br\ght into ! ,unit$ ,/ates aft]        
,decemb] #ca1 #bjaf4  #c4 ,paym5ts to   
,unit$ ,/ates t]ritories & possessions  
7a7 ,e>n$ income cr$it ,section #cb ( ! 
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+3  7n7         
,treatm5t ( possessions  7#a7 ,paym5ts  

to possessions  7,a7 ,mirror code       
possession ,! ,secret>y ( ! ,treasury   
%all p]iodically 7b n less frequ5tly ?an
 annually7 pay to ea* possession ( !    
,unit$ ,/ates ) a mirror code tax sy/em 
am\nts equal to ! loss to t possession  
by reason ( ! application ( ?is section 
7det]m9$ )\t reg>d to p>agraph 7#b77 )  
respect to taxable ye>s beg9n+ aft]     
,decemb] #ca1 #bjaf4 ,su* am\nts %all be
 det]m9$ by ! ,secret>y ( ! ,treasury   
bas$ on in=mation provid$ by ! gov]nm5t 
( ! respective possession4  7,b7 ,o!r   
possessions ,! ,secret>y ( ! ,treasury  
%all p]iodically 7b no less frequ5tly   
?an annually7 pay to ea* possession ( ! 
,unit$ ,/ates :i* does n h a mirror code
 tax sy/em am\nts e/imat$ by ! ,secret>y
 ( ! ,treasury z be+ equal to !         
aggregate b5efits t w\ld h be5 provid$  
to resid5ts ( su* possession by reason (
 ! application ( ?is section = taxable  
ye>s beg9n+ aft] ,decemb] #ca1 #bjaf1 if
 a mirror code tax sy/em _h be5 9 effect
 9 su* possession4 ,! prec$+ s5t5ce %all

 n apply ) respect to any possession ( !
 ,unit$ ,/ates unless su* possession has
 a plan1 :i* has be5 approv$ by !       
,secret>y ( ! ,treasury1 "u :i* su*     
possession w promptly di/ribute su*     
paym5ts to ! resid5ts ( su* possession4 
7#b7 ,coord9ation ) cr$it all[$ aga9/   
,unit$ ,/ates income taxes ,no cr$it    
%all be all[$ "u ?is section = any      
taxable ye> to any p]son-- 7,a7 to :om a
 cr$it is all[$ aga9/ taxes impos$ by ! 
possession by reason ( ?is section      
7det]m9$ )\t reg>d to ?is p>agraph7 =   
su* taxable ye>1 or  7,b7 :o is eligible
 = a paym5t "u a plan describ$ 9        
p>agraph 7#a77;,b7 ) respect to su*     
taxable ye>4  7#c7 ,def9itions & special
 rules  7,a7 ,possession ( ! ,unit$     
,/ates ,= purposes ( ?is subsection1 !  
t]m possession ( ! ,unit$ ,/ates        
includes ! ,commonweal? ( ,pu]to ,rico &
 ! ,commonweal? ( ! ,nor!rn ,m>iana     
,isl&s4  7,b7 ,mirror code tax sy/em ,= 
purposes ( ?is subsection1 ! t]m mirror 
code tax sy/em means1 ) respect to any  

possession ( ! ,unit$ ,/ates1 ! income  
tax sy/em ( su* possession if ! income  
tax liability ( ! resid5ts ( su*        
possession "u su* sy/em is det]m9$ by   
ref]5ce to ! income tax laws ( ! ,unit$ 
,/ates z if su* possession 7 ! ,unit$   
,/ates1 & su* sy/em includes a tax cr$it
 sub/antially id5tical to ! cr$it all[$ 
"u ?is section4  7,c7 ,treatm5t (       
paym5ts ,= purposes ( section           
#acbd7;b77#b7 ( title #ca1 ,unit$ ,/ates
 ,code1 or any simil> rule ( law1 any   
paym5t made "u ?is subsection %all be   
treat$ 9 ! same mann] z a refund due f !
 cr$it all[$ "u ?is section4  4  7b7    
,*ild tax cr$it ,section #bd ( su* ,code
 is am5d$ by add+ at ! end ! foll[+3    
7h7 ,paym5ts to ,virg9 ,isl&s & ,guam = 
lo/ rev5ue ,! ,secret>y %all make annual
 paym5ts to ! ,virg9 ,isl&s & to ,guam 9
 am\nts equal to ! aggregate loss to !  
,virg9 ,isl&s or ,guam1 z ! case may be1
 by reason ( ! application ( ?is section
 ) respect to taxable ye>s beg9n+ aft]  
#bjaf4 ,su* am\nts %all be det]m9$ by ! 

,secret>y bas$ on in=mation provid$ by !
 ,virg9 ,isl&s & ,guam4 ,= purposes (   
section #acbd7;b77#b7 ( title #ca1      
,unit$ ,/ates ,code1 ! paym5ts "u ?is   
subsection %all be treat$ 9 ! same mann]
 z a refund due f ! cr$it all[$ "u ?is  
section4  4  7c7 ,effective date ,!     
am5dm5ts made by ?is section %all apply 
) respect to taxable ye>s beg9n+ aft]   
,decemb] #ca1 #bjaf4  #d4 ,/udy & report
 reg>d+ ,virg9 ,isl&s public p5sion     
plans ,n lat] ?an #f mon?s aft] ! date (
 ! enactm5t ( ?is ,act1 ! ,jo9t ,bo>d = 
! ,enrollm5t ( ,actu>ies e/abli%$ "u    
section #cjda ( ! ,employee ,retirem5t  
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #abda7 %all report to ! ,(fice
 ( ,dome/ic ,f9ance ( ! ,dep>tm5t ( !   
,treasury on recomm5dations on actions t
 w\ld be necess>y to ensure t ! public  
p5sion plans ( ! ,virg9 ,isl&s c be     
su/a9ably ma9ta9$ & fund$ by ! gov]nm5t 
( ! ,virg9 ,isl&s = ! next #bj ye>s4