US HB2534 | 2017-2018 | 115th Congress

Status

Spectrum: Partisan Bill (Democrat 4-0)
Status: Introduced on May 18 2017 - 25% progression, died in committee
Action: 2017-05-18 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Rebuilding American Manufacturing Act of 2017 This bill amends the Internal Revenue Code to allow taxpayers engaged in domestic manufacturing in the United States a tax deduction equal to 50.5% (43% for C corporations) of the lesser of their domestic manufacturing income or their taxable income for the taxable year (thus effectively reducing their income tax rate to approximately 20%). The bill limits the amount of such deduction to 25% of such taxpayer's qualifying domestic investment (defined as the sum of the taxpayer's W-2 wages and certain allowable tax deductions, excluding any amounts not properly allocable to the taxpayer's domestic manufacturing gross receipts).

Tracking Information

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Title

Rebuilding American Manufacturing Act of 2017

Sponsors


History

DateChamberAction
2017-05-18HouseReferred to the House Committee on Ways and Means.
2017-05-18HouseIntroduced in House

Subjects


US Congress State Sources


Bill Comments

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