H.R. 1062 · 119th Congress
Growing and Preserving Innovation in America Act of 2025
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R
FeenstraSponsor7 cosponsors · 1 D, 6 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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).
What it does: CRS summary · Introduced in House · Feb 6, 2025
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Growing and Preserving Innovation in America Act of 2025
Latest action (Feb 6, 2025): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Feb 6, 2025
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.