A bill to amend the Internal Revenue Code of 1986 to prohibit allowance of the advanced manufacturing production credit for components produced by foreign entities of concern.

Bill 118 s 4873, also known as the "Advanced Manufacturing Production Credit Prohibition Act," aims to make changes to the Internal Revenue Code of 1986. Specifically, this bill seeks to prevent the allowance of the advanced manufacturing production credit for components that are produced by foreign entities that are deemed to be of concern.

The advanced manufacturing production credit is a tax credit that is currently available to businesses in the United States that engage in advanced manufacturing activities. This credit is intended to incentivize and support domestic manufacturing and innovation.

However, under this proposed bill, components that are produced by foreign entities that are considered to be of concern would no longer be eligible for this tax credit. This change is likely aimed at promoting domestic manufacturing and reducing reliance on foreign entities for critical components. Overall, the Advanced Manufacturing Production Credit Prohibition Act seeks to protect and promote domestic manufacturing by restricting the availability of tax credits for components produced by foreign entities of concern.