H.R. 374: Derek M. Hodge Virgin Islands Improvement Act of 2013

Introduced:
Jan 23, 2013 (113th Congress, 2013–2015)
Sponsor:
Del. Donna Christensen [D-VI0]
Status:
Referred to Committee

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was assigned to a congressional committee on January 23, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Progress
Introduced Jan 23, 2013
Referred to Committee Jan 23, 2013
Reported by Committee ...
Passed House ...
Passed Senate ...
Signed by the President ...
Prognosis

0% chance of getting past committee.
0% chance of being enacted.

Only 11% of House bills made it past committee and only 3% were enacted in 2011–2013. [show factors | methodology]

Cosponsors
none
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Internal Revenue Code of 1986 to assist in the recovery and development of the Virgin Islands by providing for a reduction in the tax imposed on distributions from certain retirement plans' assets which are invested for at least 30 years, subject to defined withdrawals, under a Virgin Islands investment program.

Summary

No summaries available.

Text

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Last updated Jan 23, 2013.
9 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

1/23/2013--Introduced.
Derek M. Hodge Virgin Islands Improvement Act of 2013 - Amends the Internal Revenue Code to provide for a reduction of taxes on distributions from certain retirement savings plans designated by an individual under the age of 61 as being under investment by the Virgin Islands Investment Program for at least 30 years.
Defines "Virgin Islands Investment Program" for purposes of this Act as a fund with managed amounts of $50 billion or less.
Imposes a 1.5% annual tax for 10 years, and 1% thereafter, on managed funds to benefit Virgin Island infrastructure development.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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