Increase in deemed credit for taxes paid to possession of the United States

(a) In general Section 960(d) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (4) Increase for taxes paid to possession of United States In the case of tested foreign income taxes paid or accrued to a possession of the United States, paragraph (1) shall be applied by substituting 100 percent for 80 percent.. (b) Effective date The amendments made by this section shall apply to taxes paid or accrued after December 31, 2024.