Bill Details
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AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This bill would let U.S. businesses deduct the cost of moving inventory, equipment, and supplies from China to the United States in the same year they pay those costs. The goal is to make it cheaper for companies to bring their operations back to the U.S. and reduce the tax burden tied to moving business property. It also says the Treasury Department must set up rules for how the program works and limit the deduction to normal business moving expenses. To help cover the cost of this tax break, the bill uses money from tariffs collected on goods made in China.
- Businesses could write off qualifying moving costs right away instead of spreading those costs over time.
- The Treasury Department would create rules to make sure only business moving expenses are covered.
- A new trust fund in the Treasury would be filled with tariff money collected on goods manufactured in China.
- That trust fund would then be used to replace the tax revenue lost because of the new deduction.
Official Summaries
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.
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 508 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 508
To allow expensing of amounts paid to move business property from China
to the United States, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 16, 2025
Mr. Green of Tennessee introduced the following bill; which was
referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To allow expensing of amounts paid to move business property from China
to the United States, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Bring American Companies Home Act''.
SEC. 2. EXPENSING OF AMOUNTS PAID TO MOVE BUSINESS PROPERTY FROM CHINA
TO THE UNITED STATES.
(a) In General.--The Secretary of the Treasury (or the Secretary's
delegate) shall establish a program under which amounts paid by a
United States person (as defined in section 7701(a)(30)) to move
inventory and equipment and supplies used in a trade or business of the
taxpayer from China to the United States are allowed as a deduction in
the taxable year in which paid by the taxpayer.
(b) Regulations.--The Secretary of the Treasury (or the Secretary's
delegate) shall issue regulations under the program carried out under
subsection (a) that restrict the amounts that may be expensed under
such program to business moving expenses (within the meaning of the
Internal Revenue Code of 1986 and the regulations and guidance issued
thereunder).
(c) Expensing Paid for With Tariffs Collected From China.--
(1) Establishment of trust fund.--There is established in
the Treasury of the United States a trust fund consisting of
such amounts as are appropriated to such trust fund under
paragraph (2).
(2) Appropriations to trust fund.--There are hereby
appropriated to such trust fund amounts equivalent to the
tariffs collected by the United States on goods manufactured in
China.
(3) Appropriations from trust fund.--There are hereby
appropriated from such trust fund to the General Fund of the
Treasury amounts equivalent to the reduction in revenue to such
General Fund by reason of subsection (a).
(4) Timing of transfers, etc.--Rules similar to the rules
of section 9601 of the Internal Revenue Code of 1986 shall
apply with respect to appropriations to and from such trust
fund under paragraphs (2) and (3).
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