Bill
Bill > HR947
summary
Introduced
02/09/2023
02/09/2023
In Committee
02/09/2023
02/09/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to provide incentives for relocating manufacturing to the United States, permanent full expensing for qualified property, and for other purposes.
AI Summary
This bill, the "Bring Entrepreneurial Advancements To Consumers Here In North America Act," aims to provide tax incentives for manufacturers to relocate their operations from foreign countries to the United States. Specifically, it allows for accelerated depreciation of nonresidential real property acquired in connection with such relocation, and excludes any gain from the sale or exchange of property used in the foreign manufacturing operations that are being relocated. Additionally, the bill makes permanent the 100% bonus depreciation for qualified property, which allows businesses to immediately deduct the full cost of certain investments. These provisions are intended to encourage the relocation of manufacturing jobs and activities to the United States.
Committee Categories
Budget and Finance
Sponsors (7)
Chip Roy (R)*,
Brian Babin (R),
Dan Bishop (R),
Bob Good (R),
Paul Gosar (R),
Debbie Lesko (R),
Randy Weber (R),
Last Action
Referred to the House Committee on Ways and Means. (on 02/09/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/house-bill/947/all-info |
| BillText | https://www.congress.gov/118/bills/hr947/BILLS-118hr947ih.pdf |
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