Domestic Reinvestment Act of 2023
12/20/2024, 9:05 AMSummary of Bill HR 2883
Bill 118 hr 2883, also known as the Domestic Reinvestment Act of 2023, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to promote economic growth and job creation within the United States by incentivizing companies to invest in domestic infrastructure and manufacturing.One of the key provisions of the bill is the establishment of tax credits for companies that make significant investments in domestic projects, such as building new factories or upgrading existing infrastructure. These tax credits are designed to encourage companies to keep their operations within the US, rather than outsourcing them to other countries.
Additionally, the bill includes funding for various programs aimed at training and retraining American workers to meet the demands of a changing economy. This includes support for vocational education programs and job training initiatives to help workers gain the skills they need to succeed in high-demand industries. Furthermore, the Domestic Reinvestment Act of 2023 includes measures to streamline regulations and reduce red tape for businesses looking to invest in domestic projects. By cutting down on bureaucratic hurdles, the bill aims to make it easier for companies to create jobs and stimulate economic growth within the US. Overall, the Domestic Reinvestment Act of 2023 is a comprehensive piece of legislation aimed at boosting the American economy through increased domestic investment and job creation. If passed, this bill has the potential to have a significant impact on the US economy and help create a more prosperous future for American workers and businesses.
Congressional Summary of HR 2883
Domestic Reinvestment Act of 2023
This bill prohibits the Department of Homeland Security (DHS) or any other person from requiring any repayment, recoupment, or offset of certain antidumping and countervailing duties. The bill also requires DHS, within 90 days, to (1) refund any repayment or recoupment of these payments that were collected by U.S. Customs and Border Protection (CBP) after January 1, 2017, and (2) fully distribute any antidumping or countervailing duties withheld as an offset by CBP.
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Current Status of Bill HR 2883
Bill HR 2883 is currently in the status of Bill Introduced since April 26, 2023. Bill HR 2883 was introduced during Congress 118 and was introduced to the House on April 26, 2023. Bill HR 2883's most recent activity was Referred to the Subcommittee on Trade. as of December 17, 2024Bipartisan Support of Bill HR 2883
Total Number of Sponsors
2Democrat Sponsors
2Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 2883
Primary Policy Focus
Foreign Trade and International FinancePotential Impact Areas
Competitiveness, trade promotion, trade deficitsTariffsAlternate Title(s) of Bill HR 2883
Domestic Reinvestment Act of 2023Domestic Reinvestment Act of 2023To prohibit the Secretary of Homeland Security, or any other person, from requiring repayment, recoupment, or offset of certain antidumping duties and countervailing duties paid under section 754 of the Tariff Act of 1930, and for other purposes.Comments
Most relevant
Sponsors and Cosponsors of HR 2883
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