Supply Chain Security Act

Supply Chain Security Act

This bill allows a taxpayer to make an election, without regard to specified Treasury regulations, for purposes of determining whether any Western Hemisphere tax is an income, war profits, or excess profits tax. A Western Hemisphere tax is any tax paid to any U.S. possession or any foreign country (other than Cuba or Venezuela) that is located in North, Central, or South America (including the West Indies).

The Supply Chain Security Act, also known as Bill 118 hr 4029, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to enhance the security of supply chains in the United States.

The bill focuses on several key areas to achieve this goal. First, it requires the Department of Homeland Security to develop a strategy for securing supply chains that are critical to national security. This strategy would include identifying and assessing potential risks to these supply chains, as well as developing plans to mitigate these risks.

Additionally, the bill calls for increased coordination between federal agencies, industry stakeholders, and international partners to address supply chain security issues. This would involve sharing information and best practices to improve the overall security of supply chains. Furthermore, the bill includes provisions to enhance the cybersecurity of supply chains, particularly in industries that are deemed critical to national security. This would involve implementing measures to protect against cyber threats and vulnerabilities that could compromise the integrity of supply chains. Overall, the Supply Chain Security Act aims to strengthen the security of supply chains in the United States by developing a comprehensive strategy, promoting collaboration between stakeholders, and enhancing cybersecurity measures. This bill is currently under review in Congress and has the potential to have a significant impact on national security and the economy.