Bring American Companies Home Act

2/13/2025, 6:53 AM
Congress
119

Number
HR - 508

Introduced on
2025-01-16

# Amendments
0

Sponsors
+5

Variations and Revisions

1/16/2025

Status of Legislation

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

Purpose and Summary

Bring American Companies Home Act

This bill requires the Department of the Treasury to establish a program and regulations allowing U.S. persons (U.S. citizens or residents, domestic partnerships or corporations, or estates and trusts) to deduct in the tax year incurred costs of moving inventory, equipment, and supplies used in a trade or business from China to the United States.

The bill also

  • establishes a trust fund and appropriates to such fund tariff amounts collected by the United States on goods manufactured in China,
  • appropriates from such trust fund to the general fund of the Treasury amounts equivalent to the reduction in revenue resulting from the tax deduction, and
  • requires amounts to be transferred between funds at least monthly.
Bill 119 HR 508, also known as the "Moving Business Property from China to the United States Act," aims to allow businesses to expense the costs associated with moving their property from China to the United States. This bill is designed to incentivize businesses to relocate their operations from China to the US, potentially boosting the American economy and creating more jobs domestically.

The bill does not specify the exact types of expenses that can be deducted, but it is likely to include costs such as transportation, storage, and installation of business property. By allowing businesses to deduct these expenses, the bill aims to reduce the financial burden of relocating operations and make it more attractive for businesses to move their operations to the US.

In addition to allowing the expensing of moving costs, the bill also includes provisions for other purposes, although the specifics of these provisions are not outlined in the summary. It is likely that these provisions are related to facilitating the relocation of businesses from China to the US and may include additional incentives or support for businesses making the move. Overall, Bill 119 HR 508 is aimed at encouraging businesses to relocate their operations from China to the United States by providing tax incentives for the expenses associated with moving business property. This bill has the potential to stimulate economic growth and create more job opportunities in the US.
Alternative Names
Official Title as IntroducedTo allow expensing of amounts paid to move business property from China to the United States, and for other purposes.

Comments

Recent Activity

Latest Summary4/7/2025

Bring American Companies Home Act

This bill requires the Department of the Treasury to establish a program and regulations allowing U.S. persons (U.S. citizens or residents, domestic partnerships or corporations, or estates...


Latest Action1/16/2025
Referred to the House Committee on Ways and Means.