Bring American Companies Home Act

Subjects: Taxation

Summary:  <p><strong>Bring American Companies Home Act </strong> </p> <p>This bill allows United States persons (i.e., U.S. citizens or residents, partnerships, corporations, estates and trusts) to expense the cost of moving inventory, equipment, and supplies from China to the United States. <em>Expensing </em>is the tax rule that allows a taxpayer to deduct costs in the year in which they are incurred.</p>

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1676 Introduced in House (IH)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                H. R. 1676

To allow expensing of amounts paid to move business property from China 
             to the United States, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 21, 2023

    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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Bring American Companies Home Act''.

SEC. 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).
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