H. R. 365 aims to amend the Internal Revenue Code of 1986 to change how residence and source rules are applied to help stimulate economic recovery in U.S. territories. The bill proposes modifying certain tax rules affecting income linked to offices or fixed business locations...
Simple Explanation
H. R. 365 is a plan to change some U.S. tax rules to help places like Puerto Rico and Guam make more money and grow their economies. It changes how we decide where money is coming from when people or businesses do things in those places, starting from the year 2025.