Made in the U.S.A. Act

Hozzl · 2024-03-18T22:21:34Z

Explore the details of House Bill 7458 Made in the U.S.A. Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

3/18/2024, 10:21 PM

Congressional 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, 2024