HR 1062 · Growing and Preserving Innovation in America Act of 2025
Referred to the House Committee on Ways and Means.
- Introduced
- Feb 6, 2025
- Latest action
- Feb 6, 2025
- Sponsor
- Rep. Randy Feenstra [R-IA-4]
- Policy area
- Taxation
- Cosponsors
- 7
Summary
Growing and Preserving Innovation in America Act of 2025 This bill makes permanent the increased percentage rates at which a domestic corporation may deduct (for federal tax purposes) foreign-derived intangible income and global intangible low-taxed income (GILTI). As background, for tax years beginning after 2017 and before 2026, a domestic corporation generally is allowed a tax deduction equal to the sum of (1) 37.5% of the corporation’s foreign-derived intangible income, and (2) 50% of the corporation’s GILTI and any dividends that are attributable to the corporation’s GILTI. However, under current law, the tax deduction decreases starting in 2026, to the sum of (1) 21.875% of the corporation’s foreign-derived intangible income, and (2) 37.5% of the corporation’s GILTI and any dividends that are attributable to the corporation’s GILTI. Under the bill, for tax years beginning in 2026, a domestic corporation generally may claim a tax deduction equal to the sum of (1) 37.5% of the corporation’s foreign-derived intangible income, and (2) 50% of the corporation’s GILTI and any dividends that are attributable to the corporation’s GILTI.
Recent actions
- Feb 6, 2025 Referred to the House Committee on Ways and Means.
- Feb 6, 2025 Introduced in House
- Feb 6, 2025 Introduced in House
Votes
No recorded votes are available for this bill.