Protecting American Advanced Manufacturing Act

3/8/2024, 8:15 AM

Protecting American Advanced Manufacturing Act

This bill prohibits companies associated with governments of foreign adversaries from receiving the advanced manufacturing production tax credit. This includes companies that are owned, controlled by, operated by, or under the influence of a foreign adversary, any company whose equity interests are held by a foreign adversary (not less than 10%), or any company that is controlled by a foreign adversary through certain debt, lease, or manufacturing arrangements.

Congress
118

Number
HR - 6762

Introduced on
2023-12-13

# Amendments
0

Sponsors
+5

Cosponsors
+5

Variations and Revisions

12/13/2023

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

Protecting American Advanced Manufacturing Act

This bill prohibits companies associated with governments of foreign adversaries from receiving the advanced manufacturing production tax credit. This includes companies that are owned, controlled by, operated by, or under the influence of a foreign adversary, any company whose equity interests are held by a foreign adversary (not less than 10%), or any company that is controlled by a foreign adversary through certain debt, lease, or manufacturing arrangements.

Alternative Names
Official Title as IntroducedTo amend the Internal Revenue Code of 1986 to disallow companies associated with foreign adversaries from receiving the advanced manufacturing production credit.

Policy Areas
Taxation

Comments

Recent Activity

Latest Summary1/24/2024

Protecting American Advanced Manufacturing Act

This bill prohibits companies associated with governments of foreign adversaries from receiving the advanced manufacturing production tax credit. This includes companies tha...


Latest Action12/13/2023
Referred to the House Committee on Ways and Means.