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Domestic Bicycle Production Act
12/19/2024, 9:06 AM
Summary of Bill HR 8625
Bill 118 hr 8625, also known as the Domestic Bicycle Production Act, is a piece of legislation introduced in the US Congress with the aim of promoting the production of bicycles within the United States. The bill seeks to provide incentives and support for domestic bicycle manufacturers in order to boost the industry and create more jobs in the country.
Specifically, the bill proposes the establishment of a grant program that would provide funding to domestic bicycle manufacturers to help them modernize their facilities, improve production processes, and increase their capacity. The goal of this program is to make American bicycle manufacturers more competitive in the global market and encourage consumers to buy domestically-produced bicycles.
Additionally, the bill includes provisions for research and development funding to support innovation in the bicycle industry, as well as measures to promote the use of American-made bicycles in federal government procurement. By prioritizing domestic production, the bill aims to reduce reliance on foreign imports and strengthen the US economy. Overall, the Domestic Bicycle Production Act is designed to support and promote the growth of the domestic bicycle industry, create jobs, and boost the American economy. It is currently being considered by Congress and has garnered support from both Democrats and Republicans.
Specifically, the bill proposes the establishment of a grant program that would provide funding to domestic bicycle manufacturers to help them modernize their facilities, improve production processes, and increase their capacity. The goal of this program is to make American bicycle manufacturers more competitive in the global market and encourage consumers to buy domestically-produced bicycles.
Additionally, the bill includes provisions for research and development funding to support innovation in the bicycle industry, as well as measures to promote the use of American-made bicycles in federal government procurement. By prioritizing domestic production, the bill aims to reduce reliance on foreign imports and strengthen the US economy. Overall, the Domestic Bicycle Production Act is designed to support and promote the growth of the domestic bicycle industry, create jobs, and boost the American economy. It is currently being considered by Congress and has garnered support from both Democrats and Republicans.
Current Status of Bill HR 8625
Bill HR 8625 is currently in the status of Bill Introduced since June 5, 2024. Bill HR 8625 was introduced during Congress 118 and was introduced to the House on June 5, 2024. Bill HR 8625's most recent activity was Referred to the Subcommittee on Trade. as of December 17, 2024
Bipartisan Support of Bill HR 8625
Total Number of Sponsors
2Democrat Sponsors
2Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 8625
Primary Policy Focus
Foreign Trade and International FinanceAlternate Title(s) of Bill HR 8625
To amend the Harmonized Tariff Schedule of the United States to modify temporarily certain rates of duty for bicycle manufacturing components, to establish an electric bicycle production tax credit, to direct the Secretary of Transportation to establish the U.S. Bicycle and E-Bicycle Manufacturing Initiative to make loans to support domestic investment in the manufacturing of bicycles and electric bicycles, and for other purposes.
To amend the Harmonized Tariff Schedule of the United States to modify temporarily certain rates of duty for bicycle manufacturing components, to establish an electric bicycle production tax credit, to direct the Secretary of Transportation to establish the U.S. Bicycle and E-Bicycle Manufacturing Initiative to make loans to support domestic investment in the manufacturing of bicycles and electric bicycles, and for other purposes.
Comments
Sponsors and Cosponsors of HR 8625
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