Territorial Economic Growth and Recovery Act of 2016
Latest action. Referred to the House Committee on Ways and Means.
Territorial Economic Growth and Recovery Act of 2016
This bill amends the Internal Revenue Code to repeal the limitation on the amount of distilled spirits excise taxes covered over (paid into) to the treasuries of the Virgin Islands and Puerto Rico.
If Puerto Rico or the Northern Mariana Islands has a tax system that mirrors federal tax law (mirror code tax system), the Department of the Treasury must pay each possession amounts equal to the loss to the possession due to the application of the Earned Income Tax Credit (EITC).
If the possession does not have a mirror code tax system, Treasury must pay to the possession an amount equal to the aggregate benefits that would have been provided to residents of the possession by applying the EITC if a mirror code tax system had been in effect.
Treasury must pay to the Virgin Islands and Guam amounts equal to the aggregate loss to the Virgin Islands or Guam due to the Child Tax Credit.
The Joint Board for the Enrollment of Actuaries must submit to Treasury's Office of Domestic Finance recommendations for 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 20 years.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on April 29, 2016. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on April 29, 2016: Referred to the House Committee on Ways and Means.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 114th Congress (2015-16), 329 of the 10,233 bills and joint resolutions introduced became law, about 3.2 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
Stacey Plaskett (D-VI) introduced it on April 29, 2016, and 1 member has since signed on as a cosponsor.
They are 1 Democrat.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on April 29, 2016, 3786 days ago. The most recent recorded action was 3786 days ago, on April 29, 2016.
Measures do not carry over. Anything the 114th Congress has not finished by January 3, 2017 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers