To override the income tax treaty with Barbados.

H.R. 3121 is a legislative proposal that would effectively cancel the existing tax treaty between the United States and Barbados. Under this bill, the U.S. Internal Revenue Code would be applied to individuals and businesses without the protections or exemptions currently provided by the 1984 agreement intended to prevent double taxation. For citizens and companies operating between the two nations, this could result in higher tax liabilities and the removal of specific fiscal incentives previously established to coordinate tax collections between the two countries.