Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Advanced Manufacturing Production Credit".

12/16/2024, 7:24 PM

Summary of Bill HJRES 222

Bill 118 HJRes 222, also known as the "Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to 'Advanced Manufacturing Production Credit'", is a piece of legislation that aims to challenge a rule proposed by the Internal Revenue Service (IRS) regarding the Advanced Manufacturing Production Credit.

The Advanced Manufacturing Production Credit is a tax credit designed to incentivize and support advanced manufacturing activities in the United States. The IRS rule in question outlines the eligibility criteria and procedures for claiming this credit.

However, some members of Congress believe that the IRS rule is flawed and may not effectively achieve its intended purpose. As a result, Bill 118 HJRes 222 seeks to disapprove of this rule under chapter 8 of title 5 of the United States Code, which allows Congress to challenge and potentially overturn federal agency regulations. If passed, this bill would signal Congress's disapproval of the IRS rule related to the Advanced Manufacturing Production Credit, potentially leading to changes or revisions in the implementation of this tax credit. It is important to note that this summary is based on factual information and does not take a partisan stance on the issue.

Congressional Summary of HJRES 222

This joint resolution nullifies the final rule issued by the Internal Revenue Service titled Advanced Manufacturing Production Credit and published on October 28, 2024. The final rule provides guidance on the tax credit for the production and sale of solar and wind components, inverters, some battery components, and critical minerals, which was added by the Inflation Reduction Act of 2022. The rule, among other things, defines what produced by the taxpayer means for purposes of determining eligibility for the tax credit, details the requirements regarding sales between related and unrelated parties, and provides credit amounts and phase-out rules for certain components and critical minerals.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill HJRES 222

Bill HJRES 222 is currently in the status of Bill Introduced since November 18, 2024. Bill HJRES 222 was introduced during Congress 118 and was introduced to the House on November 18, 2024. Bill HJRES 222's most recent activity was Referred to the House Committee on Ways and Means. as of November 18, 2024

Bipartisan Support of Bill HJRES 222

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 HJRES 222

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HJRES 222

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Advanced Manufacturing Production Credit".