H.R. 508

119 HR 508 IH: Bring American Companies Home Act
 U.S. House of Representatives
 2025-01-16
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 I  119th CONGRESS  1st Session  H. R. 508  IN THE HOUSE OF REPRESENTATIVES   January 16, 2025   Mr. Green of Tennessee  introduced the following bill; which was referred to the  Committee on Ways and Means    A BILL
To allow expensing of amounts paid to move business property from China to the United States, and for other purposes.
1.
Short title
This Act may be cited as the   Bring American Companies Home Act  .
2.
Expensing of amounts paid to move business property from China to the United States
(a)
In general
The Secretary of the Treasury (or the Secretary’s delegate) shall establish a program under which amounts paid by a United States person (as defined in section 7701(a)(30)) to move inventory and equipment and supplies used in a trade or business of the taxpayer from China to the United States are allowed as a deduction in the taxable year in which paid by the taxpayer.
(b)
Regulations
The Secretary of the Treasury (or the Secretary’s delegate) shall issue regulations under the program carried out under subsection (a) that restrict the amounts that may be expensed under such program to business moving expenses (within the meaning of the Internal Revenue Code of 1986 and the regulations and guidance issued thereunder).
(c)
Expensing paid for with tariffs collected from China
(1)
Establishment of trust fund
There is established in the Treasury of the United States a trust fund consisting of such amounts as are appropriated to such trust fund under paragraph (2).
(2)
Appropriations to trust fund
There are hereby appropriated to such trust fund amounts equivalent to the tariffs collected by the United States on goods manufactured in China.
(3)
Appropriations from trust fund
There are hereby appropriated from such trust fund to the General Fund of the Treasury amounts equivalent to the reduction in revenue to such General Fund by reason of subsection (a).
(4)
Timing of transfers, etc
Rules similar to the rules of  section 9601  of the Internal Revenue Code of 1986 shall apply with respect to appropriations to and from such trust fund under paragraphs (2) and (3).