HR 508 ยท Bring American Companies Home Act
Referred to the House Committee on Ways and Means.
- Introduced
- Jan 16, 2025
- Latest action
- Jan 16, 2025
- Sponsor
- Rep. Mark E. Green [R-TN-7]
- Policy area
- Taxation
- Cosponsors
- 0
Summary
Bring American Companies Home Act This bill requires the Department of the Treasury to establish a program and regulations allowing U.S. persons (U.S. citizens or residents, domestic partnerships or corporations, or estates and trusts) to deduct in the tax year incurred costs of moving inventory, equipment, and supplies used in a trade or business from China to the United States. The bill also establishes a trust fund and appropriates to such fund tariff amounts collected by the United States on goods manufactured in China, appropriates from such trust fund to the general fund of the Treasury amounts equivalent to the reduction in revenue resulting from the tax deduction, and requires amounts to be transferred between funds at least monthly.
Recent actions
- Jan 16, 2025 Referred to the House Committee on Ways and Means.
- Jan 16, 2025 Introduced in House
- Jan 16, 2025 Introduced in House
Votes
No recorded votes are available for this bill.