Made in the U.S.A. Act
3/18/2024, 10:21 PMCongressional Summary of HR 7458
Made in the U.S.A. Act
This bill allows certain individual taxpayers whose adjusted gross income does not exceed $125,000 ($250,000 in the case of a joint return) a tax credit for 30% of their expenditures, not exceeding $2,500, for products made in the United States. An expenditure for any product may not exceed $500 and excludes firearms, ammunition, alcohol, tobacco, vehicles, gasoline, luxury goods, food, or non-depreciable real property. The expenditure limit is increased to $1,000 for Energy Star or climate resilience products.
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Current Status of Bill HR 7458
Bill HR 7458 is currently in the status of Bill Introduced since February 26, 2024. Bill HR 7458 was introduced during Congress 118 and was introduced to the House on February 26, 2024. Bill HR 7458's most recent activity was Referred to the House Committee on Ways and Means. as of February 26, 2024Bipartisan Support of Bill HR 7458
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
2Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 7458
Primary Policy Focus
TaxationAlternate Title(s) of Bill HR 7458
Made in the U.S.A. ActTo amend the Internal Revenue Code of 1986 to establish the Made in the U.S.A. tax credit.Made in the U.S.A. ActComments
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Sponsors and Cosponsors of HR 7458
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