L. 99–514, title XII, § 1274(c), Pub. L. 99–514, title XII, § 1272(d)(1), Pub. 285, related to income taxation of citizens of possessions of the United States, prior to repeal by Pub. [Approved by Governor September 26, 2020.  such individual is a bona fide resident of the Virgin Islands during the entire taxable year, or. In the case of an individual who is a … (A) In general. ... Cross Section: A vertical cutaway view of the house from roof to foundation showing details of framing, construction, flooring and roofing. L. 100–647, § 1012(w)(2), amended par. Taxpayer Relief Act of 1997 - Title I: Child Tax Credit - Amends the Internal Revenue Code (IRC) to allow a tax credit of up to $500 dollars for each qualifying child of a taxpayer, ... (Sec. . L. No. L. 99–514, to which such amendment relates, see section 1019(a) of Pub. I.R.C. --There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the taxes required to be paid to the Virgin Islands under paragraph (1) which are so paid. Pub. L. 100–647, set out as a note under section 1 of this title. L. 108–357 substituted “during the entire taxable year” for “at the close of the taxable year”. Amendment by Pub. - … Coordination of United States and Virgin Islands income taxes: Section Text (a) Treatment of United States residents (1) Application of subsection. L. 101–189, set out as a note under section 923 of this title. --The net collection of taxes imposed by chapter 1 for each taxable year with respect to an individual to whom section 931 or 932 (c) applies shall be covered into the Treasury of the specified possession of which such individual is a bona fide resident. for purposes of calculating income tax liability to the United States, gross income shall not include any amount included in gross income on such return, and allocable deductions and credits shall not be taken into account. (4) Residents of the Virgin Islands. Plan Description. --For purposes of paragraph (1), the term “applicable percentage” means the percentage which Virgin Islands adjusted gross income bears to adjusted gross income. Form 982 is used to find the discharged indebtedness amount that can be excluded from gross income. L. 108–357, title VIII, § 908(c)(2), Pub. Enactment of section 932 and repeal of prior section 932 applicable to taxable years beginning after Dec. 31, 1986, with certain exceptions and qualifications, see section 1277 of Pub. 105-34, 111 Stat. 2597, provided that: is a citizen or resident of the United States (other than a, has income derived from sources within the Virgin Islands, or effectively connected with the conduct of a trade or business within such possession, for the taxable year, or. L. 99–514, title XII, § 1272(d)(1), Oct. 22, 1986, 100 Stat. L. 101–189, set out as a note under section 923 of this title. --In the case of an individual to whom this subsection applies in a taxable year for purposes of so much of this title (other than this section and “(3) SOURCING- Section 937(b)(2) of such Code (as so added) shall apply to income earned after the date of the enactment of this Act.” Election to defer and amortize research and experimental expenditures pursuant to IRC Section 174(b). In the case of an individual to whom this subsection applies in a taxable year for purposes of so much of this title (other than this section and section 7654) as relates to the taxes imposed by this chapter, the Virgin Islands shall be treated as including the United States. 1554; Oct. 31, 1972, Pub. Tax liability incurred to the Virgin Islands pursuant to this subtitle, as made applicable in the Virgin Islands by the Act entitled “An Act making appropriations for the naval service for the fiscal year ending June 30, 1922, and for other purposes”, approved July 12, 1921 (48 U.S.C. Amendment by Pub. (b) Definition and special rule. 2 Baths. Termination of Trust Territory of the Pacific Islands Payment of taxes on part of a parcel of real property. (4) read as follows: “In the case of an individual who is a bona fide resident of the Virgin Islands at the close of the taxable year and who, on his return of income tax to the Virgin Islands, reports income from all sources and identifies the source of each item shown on such return, for purposes of calculating income tax liability to the United States gross income shall not include any amount included in gross income on such return.”, Subsec. 1988—Subsec. Election by a nonresident alien to be treated as a U.S. resident pursuant to IRC Section 6013(g). Read this complete California Code, Civil Code - CIV § 932 on Westlaw FindLaw Codes are provided courtesy of Thomson Reuters Westlaw, the industry-leading online legal research system . L. 89–809, title I, § 103(m), 80 Stat. Section 932 - Coordination of United States and Virgin Islands income taxes (a) Treatment of United States residents (1) Application of subsection. 932. L. 108–357 applicable to taxable years ending after Oct. 22, 2004, see section 908(d)(1) of Pub. Are We Opening a Pandora's Box in Criticizing Law Firms Challenging the 2020 Election? 3530, provided that: Pub. Senate Bill No. Amendment by Pub. (a) General rule. (1) In general. --This subsection shall apply to an individual for the taxable year if--, (i) (c) Treatment of Virgin Islands residents.--, (A) Pub. Each individual to whom this subsection applies for the taxable year shall file his income tax return for the taxable year with both the United States and the Virgin Islands. For purposes of paragraph (1), the term “applicable percentage” means the percentage which Virgin Islands adjusted gross income bears to adjusted gross income. 7 U.S.C.  who is a bona fide resident of the Virgin Islands during the entire taxable year, (B) (2) Filing requirement. Internal Revenue Code § 932. Key Specs. In the case of a joint return, this section shall be applied on the basis of the residence of the spouse who has the greater adjusted gross income (determined without regard to community property laws) for the taxable year. (3) Amounts paid allowed as credit. L. 100–647, title I, § 1012(w)(1), Pub. Section 280A(c)(1)(A) (as amended by § 932 of the Taxpayer Relief Act of 1997, Pub. 932.705(1)(b), as applicable. This subsection … (e) The Fish and Wildlife Conservation Commission, the proceeds accrued pursuant to the provisions of the Florida Contraband Forfeiture Act shall be deposited into the State Game Trust Fund as provided in ss. Line 3 You can elect under section 1017(b)(3)(E) to treat all real property held primarily for sale to customers in the ordinary course of a trade or business as if … Amendment by Pub.  has income derived from sources within the Virgin Islands, or effectively connected with the conduct of a trade or business within such possession, for the taxable year, or. section 7654 (a)(1)(A)(i), (c)(1)(A), (4)(A). Enactment of section 932 and repeal of prior section 932 applicable to taxable years beginning after Dec. 31, 1986, with certain exceptions and qualifications, see section 1277 of Pub. --In applying this section for purposes of determining income tax liability incurred to the Virgin Islands, the provisions of this section shall not be affected by the provisions of Federal law referred to in 307.932 Community alternative sentencing centers. Search New York Codes. to the Virgin Islands with respect to such income. --In the case of an individual--. (c)(2). CHAPTER 183. Internal Revenue Code Section 933 Income from sources within Puerto Rico The following items shall not be included in gross income and shall be exempt from taxation under this subtitle: (1) Resident of Puerto Rico for entire taxable year. New York Consolidated Laws, Real Property Tax Law - RPT § 932. This plan can be customized! FindLaw Codes are provided courtesy of Thomson Reuters Westlaw, the industry-leading online legal research system. With respect to an individual to whom section 932(a) applies for a taxable year, for purposes of taxes imposed by Chapter 1 of the Internal Revenue Code (Code), the United States generally will be treated, in a geographical and governmental sense, as including the Virgin Islands. L. 100–647, § 1012(w)(3), substituted “an income tax return” for “his income tax return”. Except as otherwise provided in this subsection, the amendments made by this section [enacting this section and amending sections 931, 932, 934, 935, 957, and 6688 of this title] shall apply to taxable years ending after the date of the enactment of this Act [Oct. 22, 2004]. --In the case of an individual to whom this subsection applies in a taxable year for purposes of so much of this title (other than this section and Possession of firearms and dangerous weapons in Federal facilities (a) Except as provided in subsection (d), whoever knowingly possesses or causes to be present a firearm or other dangerous weapon in a Federal facility (other than a Federal court facility), or attempts to do so, shall be fined under this title or imprisoned not more than 1 year, or both. --Each individual to whom subsection (a) applies for the taxable year shall pay the applicable percentage of the taxes imposed by this chapter for such taxable year (determined without regard to paragraph (3)) to the Virgin Islands. 736, 68A Stat. 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