REVIVE VI Act aims to amend the Internal Revenue Code to exclude certain income from the Virgin Islands from global intangible low-taxed income.
The REVIVE VI Act, or Restore Economic Vitality and Investment in the Virgin Islands Act, proposes amendments to the Internal Revenue Code. Specifically, it seeks to exclude certain income derived from services performed in the Virgin Islands by corporations formed under Virgin Islands laws from the calculation of global intangible low-taxed income. This exclusion applies to income that is compensation for labor or personal services, attributable to services performed within the Virgin Islands, and effectively connected with a trade or business in the Virgin Islands.
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