Bill > HR1676

This bill, titled the "Bring American Companies Home Act," proposes to allow United States persons (as defined in the Internal Revenue Code) to deduct expenses incurred in moving their inventory, equipment, and supplies from China to the United States. The bill directs the Secretary of the Treasury to establish a program that restricts the deductible amounts to business moving expenses. To fund this deduction, the bill creates a trust fund in the Treasury that will be financed by the tariffs collected on goods manufactured in China. The amounts from this trust fund will then be appropriated to the General Fund to offset the revenue reduction resulting from the deduction.