Build It in America Act

Build It in America Act

This bill provides for tax incentives to encourage investment in the United States.

The bill permits the expensing of research and experimental expenditures (including software development costs) through 2025. It extends (1) the allowance for depreciation, amortization, or depletion in determining the limitation on business interest; and (2) the 100% bonus depreciation allowance.

The bill terminates the hazardous substance Superfund financing rate. It allows a taxpayer election to disregard specified regulations when determining if any tax is an income, war profits, or excess profits tax.

The bill imposes a 60% excise tax on buyers of U.S. farmland by citizens of a country of concern (e.g., a state supporter of terrorism) or by a private business entity that is 10% or more owned by a citizen or business entity domiciled in a country of concern.

The bill repeals the clean electricity production tax credit, the clean electricity investment tax credit, the tax credit for previously owned clean vehicles, and the tax credit for qualified commercial clean vehicles. It modifies provisions of the clean vehicle tax credit, including those relating to the base amount and battery capacity.

The Build It in America Act, also known as Bill 118 hr 3938, is a piece of legislation introduced in the US Congress with the goal of promoting domestic manufacturing and job creation. The bill aims to incentivize companies to produce goods and services in the United States by providing tax credits and other financial incentives.

One of the key provisions of the Build It in America Act is the establishment of a tax credit for companies that manufacture products in the US. This tax credit would be available to companies that meet certain criteria, such as producing a certain percentage of their goods domestically or creating a certain number of jobs in the US.

Additionally, the bill includes provisions to support small and medium-sized businesses in the manufacturing sector, such as access to low-interest loans and grants for research and development. The goal of these provisions is to help smaller companies compete with larger corporations and grow their businesses. Overall, the Build It in America Act is aimed at revitalizing the US manufacturing sector and creating jobs for American workers. By providing incentives for companies to produce goods domestically and supporting small businesses in the manufacturing sector, the bill seeks to strengthen the US economy and promote economic growth.