H.R. 10503, known as the "Restore Economic Vitality and Investment in the Virgin Islands Act" or "REVIVE VI Act," aims to amend the Internal Revenue Code of 1986. This amendment seeks to exclude certain income from global intangible low-taxed income calculations, specifically...
Simple Explanation
The REVIVE VI Act is a plan to change the tax rules so that money made by some companies for work done in the Virgin Islands doesn't count when figuring out how much low-taxed money they have. This change is for certain people and companies in the U.S. who have shares in those Virgin Islands companies.