To amend the Internal Revenue Code of 1986 to repeal the scheduled reduction in the deduction for foreign-derived intangible income.

Bill 119 HR 1062, also known as the "To amend the Internal Revenue Code of 1986 to repeal the scheduled reduction in the deduction for foreign-derived intangible income" bill, aims to make changes to the tax code related to foreign-derived intangible income deductions.

The bill seeks to repeal the scheduled reduction in the deduction for foreign-derived intangible income, which is income derived from intangible assets such as patents, trademarks, and copyrights that are sold or licensed to foreign customers. Currently, there is a deduction available for this type of income, but there is a scheduled reduction in the deduction that this bill aims to repeal.

The purpose of this bill is to encourage businesses to keep their intellectual property in the United States and to promote economic growth by incentivizing companies to invest in research and development. By repealing the reduction in the deduction for foreign-derived intangible income, the bill aims to make the United States a more attractive location for businesses to conduct their operations and create jobs. Overall, the bill is focused on making changes to the tax code that will benefit businesses and promote economic growth in the United States. It is important to note that this summary is non-partisan and focuses on the factual details of the bill.