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]
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).
Title
Rebuilding American Manufacturing Act of 2017
Sponsors
Rep. Ron Kind [D-WI] | Rep. Bill Pascrell [D-NJ] | Rep. Suzan DelBene [D-WA] | Rep. John Larson [D-CT] |
History
Date | Chamber | Action |
---|---|---|
2017-05-18 | House | Referred to the House Committee on Ways and Means. |
2017-05-18 | House | Introduced in House |
Subjects
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/115th-congress/house-bill/2534/all-info |
Text | https://www.congress.gov/115/bills/hr2534/BILLS-115hr2534ih.pdf |