summary
Introduced
01/05/2017
01/05/2017
In Committee
01/05/2017
01/05/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Next Generation American Manufacturing Act of 2017 This bill amends the Internal Revenue Code to allow a tax credit for the purchase (during a specified period of between 5 and 10 years based on the incentive needed with respect to each product) of new products certified as assembled in the United States and consisting of at least 60% of components assembled or otherwise arising in the United States. The bill also establishes the 21st Century American Manufacturing Commission to conduct research to designate products eligible for such tax credit. The bill allows certain start-up companies that are headquartered in the United States a tax credit for up to 25% of their costs for the construction of a manufacturing facility and for the purchase of specialized equipment for use at such facility. A "start-up company" is defined as any corporation or partnership that: (1) first has both gross receipts and qualified research expenses in a taxable year beginning after December 31, 2016; or (2) has both gross receipts and qualified research expenses in fewer than three taxable years beginning after December 31, 2016, and before January 1, 2022.
AI Summary
This bill, the Next Generation American Manufacturing Act of 2017, aims to support domestic manufacturing in the United States in two key ways:
1. It establishes a tax credit for consumers who purchase new products that are certified as assembled in the U.S. and consisting of at least 60% U.S.-based components. The credit percentage and eligible period for each product will be determined by the Secretary of the Treasury in consultation with a new 21st Century American Manufacturing Commission.
2. It provides a tax credit of up to 25% of the costs for start-up companies headquartered in the U.S. to construct a new manufacturing facility and purchase specialized equipment for that facility. "Start-up company" is defined as a corporation or partnership with little prior manufacturing experience.
The bill also establishes the 21st Century American Manufacturing Commission to research and recommend which products should be eligible for the consumer tax credit. This commission will have 10 members with diverse expertise in manufacturing, innovation, and policy.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to the House Committee on Ways and Means. (on 01/05/2017)
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/115th-congress/house-bill/340/all-info |
| BillText | https://www.congress.gov/115/bills/hr340/BILLS-115hr340ih.pdf |
| Bill | https://www.congress.gov/115/bills/hr340/BILLS-115hr340ih.pdf.pdf |
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