,i  #aaith ,,congress  #ast ,session    
,h4 ,r4 #cfh  ,,in ,,the ,,house ,,of   
,,representatives  ,january #ac1        
#bjbe,ms4 ,plaskett 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 that certain 
bona fide residents of the ,virgin      
,islands who are shareholders of        
corporations organized under the laws of
 the ,virgin ,islands are not treated as
 ,united ,states persons for purposes of
 determining certain inclusions in gross
 income with respect to such            
corporations4  #a4 ,short title ,this   
,act may be cited as the ,territorial   
,tax ,parity and ,fairness ,act4  #b4   
,certain bona fide residents of ,virgin 
,islands  7a7 ,in general ,section      
#ieg7;c7 of the ,internal ,revenue ,code
 of #aihf is amended by striking and at 
the end of paragraph 7#a71 by           
redesignating paragraph 7#b7 as         
paragraph 7#c71 and by inserting after  

paragraph 7#a7 the following new        
paragraph3  7#b7 with respect to a      
corporation organized under the laws of 
the ,virgin ,islands1 such term does not
 include an individual who is a bona    
fide resident of the ,virgin ,islands1  
if a dividend received by such          
individual during the taxable year from 
such corporation would1 for purposes of 
section #icd7;b77#a71 be treated as     
income derived from sources within the  
,virgin ,islands1 and  4  7b7           
,conforming amendment ,section #ieg7;c7 
of such ,code is amended by striking    
paragraph 7#b7 in the last sentence and 
inserting paragraph 7#c74  7c7          
,effective date ,the amendments made by 
this section shall apply to taxable     
years of foreign corporations beginning 
after ,december #ca1 #bjbd1 and taxable 
years of individuals within which or    
with which such taxable years of foreign
 corporations end4