H.R. 508 · 119th Congress
Bring American Companies Home Act
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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.
What it does: CRS summary · Introduced in House · Jan 16, 2025
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Bring American Companies Home Act
Latest action (Jan 16, 2025): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jan 16, 2025
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.