H. R. 858, also known as the "Restore Economic Vitality and Investment in the Virgin Islands Act" or the "REVIVE VI Act," proposes an amendment to the Internal Revenue Code of 1986. The bill aims to exclude certain income derived from services performed in the Virgin Islands from the...
Simple Explanation
The bill wants to change some tax rules to help people doing business in the Virgin Islands by not counting certain money they make there as part of special taxes meant for foreign income. This is like saying the money made from specific work in the Virgin Islands doesn't get taxed the usual way.