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Bring Entrepreneurial Advancements To Consumers Here In North America Act
1/18/2024, 6:05 AM
Congressional Summary of HR 947
Bring Entrepreneurial Advancements To Consumers Here In North America Act
This bill provides tax incentives for relocating manufacturing facilities in the United States.
Specifically, it allows accelerated depreciation (20-year recovery period) for nonresidential real property acquired in connection with the relocation of manufacturing facilities in the United States. It also excludes from gross income, for income tax purposes, gain on the sale or exchange of such relocated facilities.
Finally, the bill allows permanent 100% expensing of manufacturing property relocated in the United States.
Read the Full Bill
Current Status of Bill HR 947
Bill HR 947 is currently in the status of Bill Introduced since February 9, 2023. Bill HR 947 was introduced during Congress 118 and was introduced to the House on February 9, 2023. Bill HR 947's most recent activity was Referred to the House Committee on Ways and Means. as of February 9, 2023
Bipartisan Support of Bill HR 947
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
6Democrat Cosponsors
0Republican Cosponsors
6Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 947
Primary Policy Focus
TaxationAlternate Title(s) of Bill HR 947
Bring Entrepreneurial Advancements To Consumers Here In North America Act
Bring Entrepreneurial Advancements To Consumers Here In North America Act
To amend the Internal Revenue Code of 1986 to provide incentives for relocating manufacturing to the United States, permanent full expensing for qualified property, and for other purposes.
Comments
Sponsors and Cosponsors of HR 947
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