S. 2155 · 108th Congress
Growing Our Manufacturing Employment (GoME) Act
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
CollinsSponsor1 cosponsor · 1 R
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Growing Our Manufacturing Employment (GoME) Act - Amends the Internal Revenue Code to establish as a general business tax credit a manufacturer's jobs credit equal to a certain percentage of wages paid to the employees (including employees eligible for a trade readjustment allowance) of a taxpayer that has a certain level of domestic production gross…
What it does: CRS summary · Introduced in Senate · Mar 2, 2004
Growing Our Manufacturing Employment (GoME) Act - Amends the Internal Revenue Code to establish as a general business tax credit a manufacturer's jobs credit equal to a certain percentage of wages paid to the employees (including employees eligible for a trade readjustment allowance) of a taxpayer that has a certain level of domestic production gross receipts in the current and preceding taxable years and that is not disqualified as an inverted domestic corporation (a foreign corporation that manipulates its structure to evade U.S. taxes).
Allows an income tax deduction for: (1) nine percent of income allocable to domestic production activities; (2) up to $10,000 of reforestation expenditures in the current taxable year.
Permits a taxpayer to revoke a prior election to treat the cutting of timber as a sale or exchange. Qualifies the outright sale of timber for capital gains tax treatment. Repeals the investment tax credit for reforestation expenditures.
Sets forth requirements for transactions to qualify for tax benefits under the economic substance doctrine, including special rules for transactions with tax-indifferent parties.
Sets forth rules for the tax treatment of inverted domestic corporations (a foreign incorporated entity that acquires substantially all of the properties of a domestic corporation or partnership, that retains 80 percent of stock ownership identity, and that does not have substantial business activities in the foreign country under whose law the entity is created, for the purpose of avoiding U.S. taxation). Treats a foreign corporation deemed to be an inverted domestic corporation as a domestic corporation for U.S. tax purposes.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Growing Our Manufacturing Employment (GoME) Act
Latest action (Mar 2, 2004): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Mar 2, 2004
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.