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Latin America and Caribbean Nearshoring Act
12/15/2023, 3:55 PM
Summary of Bill HR 1704
Bill 118 hr 1704, also known as the Latin America and Caribbean Nearshoring Act, is a piece of legislation introduced in the US Congress. The purpose of this bill is to promote economic development and job creation in Latin America and the Caribbean by encouraging US companies to relocate their operations to these regions, a practice known as nearshoring.
The bill includes provisions for the establishment of a Nearshoring Task Force, which will be responsible for identifying opportunities for nearshoring in Latin America and the Caribbean, as well as developing strategies to support US companies in making the transition. The Task Force will also work to address any barriers or challenges that may arise in the nearshoring process.
Additionally, the bill includes measures to provide financial incentives for US companies that choose to nearshore their operations, such as tax credits and grants. These incentives are intended to offset the costs associated with relocating and help companies take advantage of the economic opportunities in Latin America and the Caribbean. Overall, the Latin America and Caribbean Nearshoring Act aims to strengthen economic ties between the US and the countries in these regions, while also promoting job growth and economic development. The bill is currently being considered by Congress and has garnered bipartisan support.
The bill includes provisions for the establishment of a Nearshoring Task Force, which will be responsible for identifying opportunities for nearshoring in Latin America and the Caribbean, as well as developing strategies to support US companies in making the transition. The Task Force will also work to address any barriers or challenges that may arise in the nearshoring process.
Additionally, the bill includes measures to provide financial incentives for US companies that choose to nearshore their operations, such as tax credits and grants. These incentives are intended to offset the costs associated with relocating and help companies take advantage of the economic opportunities in Latin America and the Caribbean. Overall, the Latin America and Caribbean Nearshoring Act aims to strengthen economic ties between the US and the countries in these regions, while also promoting job growth and economic development. The bill is currently being considered by Congress and has garnered bipartisan support.
Read the Full Bill
Current Status of Bill HR 1704
Bill HR 1704 is currently in the status of Bill Introduced since March 22, 2023. Bill HR 1704 was introduced during Congress 118 and was introduced to the House on March 22, 2023. Bill HR 1704's most recent activity was Referred to the House Committee on Foreign Affairs. as of March 22, 2023
Bipartisan Support of Bill HR 1704
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
0Republican Cosponsors
2Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 1704
Primary Policy Focus
International AffairsAlternate Title(s) of Bill HR 1704
Latin America and Caribbean Nearshoring Act
Latin America and Caribbean Nearshoring Act
To decrease dependency on People's Republic of China manufacturing and decrease migration due to lost regional economic opportunities.
Comments
Sponsors and Cosponsors of HR 1704
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