Build It in America Act

Bill: 118-hr-3938
Sponsor: Rep. Smith, Jason [R-MO-8]
Introduced: 2023-06-09 in the House
Policy area: Taxation
Subjects: Accounting and auditing
Alternative and renewable resources
Asia
China
Cuba
Electric power generation and transmission
Europe
Foreign and international corporations
Hybrid, electric, and advanced technology vehicles
Income tax credits
Income tax deductions
Income tax rates
Iran
Latin America
Middle East
North Korea
Russia
Taxation of foreign income
Venezuela

Summary:
action_date: 2023-06-09
text: 
 
Build It in America Act 

 
This bill provides for tax incentives to encourage investment in the United States. 
 
The bill permits the expensing of research and experimental expenditures (including software development costs) through 2025. It extends (1) the allowance for depreciation, amortization, or depletion in determining the limitation on business interest; and (2) the 100% bonus depreciation allowance. 
 
The bill terminates the hazardous substance Superfund financing rate. It allows a taxpayer election to disregard specified regulations when determining if any tax is an income, war profits, or excess profits tax. 
 
The bill imposes a 60% excise tax on buyers of U.S. farmland by citizens of a country of concern (e.g., a state supporter of terrorism) or by a private business entity that is 10% or more owned by a citizen or business entity domiciled in a country of concern. 
 
The bill repeals the clean electricity production tax credit, the clean electricity investment tax credit, the tax credit for previously owned clean vehicles, and the tax credit for qualified commercial clean vehicles. It modifies provisions of the clean vehicle tax credit, including those relating to the base amount and battery capacity.

action_date: 2023-06-30
text: 
 
Build It in America Act 

 
This bill provides for tax incentives to encourage investment in the United States. 
 
The bill permits the expensing of research and experimental expenditures (including software development costs) through 2025. It extends (1) the allowance for depreciation, amortization, or depletion in determining the limitation on business interest; and (2) the 100% bonus depreciation allowance. 
 
The bill terminates the hazardous substance Superfund financing rate. It allows a taxpayer election to disregard specified regulations when determining if any tax is an income, war profits, or excess profits tax. 
 
The bill imposes a 60% excise tax on buyers of U.S. farmland by citizens of a country of concern (e.g., a state supporter of terrorism) or by a private business entity that is 10% or more owned by a citizen or business entity domiciled in a country of concern. 
 
The bill repeals the clean electricity production tax credit, the clean electricity investment tax credit, the tax credit for previously owned clean vehicles, and the tax credit for qualified commercial clean vehicles. It modifies provisions of the clean vehicle tax credit, including those relating to the base amount and battery capacity.


Legislative actions:
action_date: 2023-06-30
text: Placed on the Union Calendar, Calendar No. 99.
action_date: 2023-06-30
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-127.
action_date: 2023-06-30
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-127.
action_date: 2023-06-13
text: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 24 - 18.
action_date: 2023-06-13
text: Committee Consideration and Mark-up Session Held
action_date: 2023-06-09
text: Referred to the House Committee on Ways and Means.
action_date: 2023-06-09
text: Introduced in House
action_date: 2023-06-09
text: Introduced in House