H.R. 2220 (112th): Derek M. Hodge Virgin Islands Improvement Act of 2011

Introduced:
Jun 16, 2011 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Donna Christensen
Delegate for Virgin Islands At Large
Party
Democrat
Text
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Last Updated
Jun 16, 2011
Length
9 pages
Related Bills
H.R. 374 (113th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Jan 23, 2013

 
Status

This bill was introduced on June 16, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Jun 16, 2011
Referred to Committee Jun 16, 2011
 
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.

Cosponsors
none
Committees

House Ways and Means

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

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.


6/16/2011--Introduced.
Derek M. Hodge Virgin Islands Improvement Act of 2011 - 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

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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