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Bring American Companies Home Act
2/13/2025, 6:53 AM
Summary of Bill HR 508
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.
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.
Congressional Summary of HR 508
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.
Read the Full Bill
Current Status of Bill HR 508
Bill HR 508 is currently in the status of Bill Introduced since January 16, 2025. Bill HR 508 was introduced during Congress 119 and was introduced to the House on January 16, 2025. Bill HR 508's most recent activity was Referred to the House Committee on Ways and Means. as of January 16, 2025
Bipartisan Support of Bill HR 508
Total Number of Sponsors
2Democrat Sponsors
0Republican Sponsors
2Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 508
Primary Policy Focus
Alternate Title(s) of Bill HR 508
Bring American Companies Home Act
Bring American Companies Home Act
To allow expensing of amounts paid to move business property from China to the United States, and for other purposes.
Comments

River Hampton
439
10 months ago
I think this bill is good because it will bring jobs back to the US from China. It will help our economy and create more opportunities for American workers. I support this bill because it will benefit our country.
Sponsors and Cosponsors of HR 508
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