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A joint resolution 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".
1/3/2025, 4:52 PM
Summary of Bill SJRES 119
Bill 118 SJRes 119 is a joint resolution in the US Congress that aims to disapprove of a rule submitted by the Internal Revenue Service (IRS) regarding the "Advanced Manufacturing Production Credit". This resolution falls under chapter 8 of title 5 of the United States Code, which allows Congress to review and potentially overturn regulations proposed by federal agencies.
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 likely outlines the specific criteria and guidelines for businesses to qualify for this credit.
If Bill 118 SJRes 119 is passed, it would mean that Congress does not approve of the IRS rule related to the Advanced Manufacturing Production Credit. This could potentially impact how businesses can access and utilize this tax credit, as Congress would have the authority to block or modify the IRS rule. Overall, this resolution highlights the ongoing oversight and review process that Congress conducts over federal agency regulations, ensuring that they align with congressional intent and priorities.
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 likely outlines the specific criteria and guidelines for businesses to qualify for this credit.
If Bill 118 SJRes 119 is passed, it would mean that Congress does not approve of the IRS rule related to the Advanced Manufacturing Production Credit. This could potentially impact how businesses can access and utilize this tax credit, as Congress would have the authority to block or modify the IRS rule. Overall, this resolution highlights the ongoing oversight and review process that Congress conducts over federal agency regulations, ensuring that they align with congressional intent and priorities.
Congressional Summary of SJRES 119
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
Current Status of Bill SJRES 119
Bill SJRES 119 is currently in the status of Bill Introduced since December 5, 2024. Bill SJRES 119 was introduced during Congress 118 and was introduced to the Senate on December 5, 2024. Bill SJRES 119's most recent activity was Read twice and referred to the Committee on Finance. as of December 5, 2024
Bipartisan Support of Bill SJRES 119
Total Number of Sponsors
4Democrat Sponsors
0Republican Sponsors
4Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
0Republican Cosponsors
2Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill SJRES 119
Primary Policy Focus
TaxationAlternate Title(s) of Bill SJRES 119
A joint resolution 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".
A joint resolution 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".
Comments
Sponsors and Cosponsors of SJRES 119
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