H.R. 6309 · 117th Congress
TEAMS Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
KinzingerSponsorNo cosponsors.
Trade Encourages Allied Manufacturing and Security Act or the TEAMS Act
What it does: CRS summary · Introduced in House · Dec 16, 2021
Trade Encourages Allied Manufacturing and Security Act or the TEAMS Act
This bill directs the U.S. Trade Representative (USTR) to take certain actions to strengthen supply chains for critical goods. It also incentivizes the manufacturing of critical goods.
Specifically, the bill requires the USTR to develop and implement a strategy to support the resilience, diversity, security, and strength of supply chains. This strategy must be submitted to Congress and published on the USTR's website.
Additionally, the bill authorizes the USTR to provide duty-free treatment for any eligible article (i.e., any critical good that is the growth, product, or manufacture of a beneficiary country) from any ally or key international partner. This authority terminates on September 30, 2030.
The bill temporarily allows for increased expensing of the costs of certain qualified manufacturing property.
The bill also allows a new tax credit for American security products manufactured in the United States or in ally or key international partner countries.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: TEAMS Act
Also known as: Trade Encourages Allied Manufacturing and Security Act
Latest action (Dec 16, 2021): Referred to the House Committee on Ways and Means.
Policy area: Foreign Trade and International Finance · Origin: House · Introduced: Dec 16, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.