A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Advanced Manufacturing Production Credit".

Bill: 118-sjres-119
Sponsor: full_name: Sen. Cotton, Tom [R-AR]
Introduced: 2024-12-05
Policy area: Taxation
Latest action: action_date: 2024-12-05
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2024-12-05
action_desc: Introduced in Senate
text: <p>This joint resolution nullifies the final rule issued by the Internal Revenue Service titled <em>Advanced Manufacturing Production Credit</em> and published on October 28, 2024. The final rule provides guidance on the tax credit for the production and sale of solar and wind components, inverters, some battery components, and critical minerals, which was added by the Inflation Reduction Act of 2022. The rule, among other things, defines what <em>produced by the taxpayer</em> means for purposes of determining eligibility for the tax credit, details the requirements regarding sales between related and unrelated parties, and provides credit amounts and phase-out rules for certain components and critical minerals.</p>

tv_txt: IIA 118th CONGRESS 2d Session S. J. RES. 119 IN THE SENATE OF THE UNITED STATES December 5, 2024 Mr. Cotton (for himself and Mr. Scott of Florida ) introduced the following joint resolution; which was read twice and referred to the Committee on Finance JOINT RESOLUTION Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to Advanced Manufacturing Production Credit .

That Congress disapproves the rule submitted by the Internal Revenue Service relating to Advanced Manufacturing Production Credit (89 Fed. Reg. 85798 (October 28, 2024)), and such rule shall have no force or effect.