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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.
8/1/2024, 10:56 AM
Summary of Bill S 4873
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.
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.
Current Status of Bill S 4873
Bill S 4873 is currently in the status of Bill Introduced since July 31, 2024. Bill S 4873 was introduced during Congress 118 and was introduced to the Senate on July 31, 2024. Bill S 4873's most recent activity was Read twice and referred to the Committee on Finance. as of July 31, 2024
Bipartisan Support of Bill S 4873
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
6Democrat Cosponsors
2Republican Cosponsors
4Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 4873
Primary Policy Focus
Alternate Title(s) of Bill S 4873
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.
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.
Comments
Sponsors and Cosponsors of S 4873
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