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

Bill: 116-hr-6903
Sponsor: full_name: Rep. Green, Mark E. [R-TN-7]
Introduced: 2020-05-15
Policy area: Taxation
Subjects: Administrative law and regulatory procedures

Asia

Business expenses

China

Department of the Treasury

Government trust funds

Income tax deductions

Tariffs
Latest action: action_date: 2020-05-15
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2020-05-15
action_desc: Introduced in House
text: <p>This bill directs the Department of the Treasury to establish a program to treat amounts paid by U.S citizens or business entities to move their inventory, equipment, and supplies from China to the United States as items of expense, deductible in the year in which they are incurred. The cost of this expensing allowance shall be paid for with tariffs collected by the United States on goods manufactured in China. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6903 IN THE HOUSE OF REPRESENTATIVES May 15, 2020 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. 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).