American Tax Dollars for American Solar Manufacturing Act

Bill: 118-s-4873
Sponsor: full_name: Sen. Brown, Sherrod [D-OH]
Introduced: 2024-07-31
Policy area: Taxation
Latest action: action_date: 2024-07-31
text: Read twice and referred to the Committee on Finance.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 4873 IN THE SENATE OF THE UNITED STATES July 31, 2024 Mr. Brown (for himself, Mr. Cassidy , Mr. Scott of Florida , and Mr. Ossoff ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to prohibit allowance of the advanced manufacturing production credit for components produced by foreign entities of concern.

1. Short title This Act may be cited as the American Tax Dollars for American Solar Manufacturing Act . 2. Prohibition on allowance of advanced manufacturing production credit for components produced by foreign entities of concern (a) In general Section 45X(d) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (5) Prohibition on allowance of credit for components produced by foreign entities of concern No credit shall be allowed under subsection (a) with respect to any eligible component which is produced by a foreign entity of concern (as defined in section 9901(8) of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 ( 15 U.S.C. 4651(8) )). . (b) Effective date The amendment made by this section shall apply to components produced and sold after the date of enactment of this Act.