Bring Entrepreneurial Advancements To Consumers Here In North America Act

Hozzl · 2024-01-18T06:05:44Z

Explore the details of House Bill 947 Bring Entrepreneurial Advancements To Consumers Here In North America Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/18/2024, 6:05 AM

Congressional Summary of HR 947

Bring Entrepreneurial Advancements To Consumers Here In North America Act

This bill provides tax incentives for relocating manufacturing facilities in the United States.

Specifically, it allows accelerated depreciation (20-year recovery period) for nonresidential real property acquired in connection with the relocation of manufacturing facilities in the United States. It also excludes from gross income, for income tax purposes, gain on the sale or exchange of such relocated facilities.

Finally, the bill allows permanent 100% expensing of manufacturing property relocated in the United States.

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Current Status of Bill HR 947

Bill HR 947 is currently in the status of Bill Introduced since February 9, 2023. Bill HR 947 was introduced during Congress 118 and was introduced to the House on February 9, 2023. Bill HR 947's most recent activity was Referred to the House Committee on Ways and Means. as of February 9, 2023

Bipartisan Support of Bill HR 947

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 947

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 947

Bring Entrepreneurial Advancements To Consumers Here In North America Act

To amend the Internal Revenue Code of 1986 to provide incentives for relocating manufacturing to the United States, permanent full expensing for qualified property, and for other purposes.