Growing and Preserving Innovation in America Act of 2024

Bill: 118-hr-8184
Sponsor: full_name: Rep. Steel, Michelle [R-CA-45]
Introduced: 2024-04-30
Policy area: Taxation
Latest action: action_date: 2024-04-30
text: Referred to the House Committee on Ways and Means.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 8184 IN THE HOUSE OF REPRESENTATIVES April 30, 2024 Mrs. Steel (for herself and Mr. Morelle ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to repeal the scheduled reduction in the deduction for foreign-derived intangible income.

1. Short title This Act may be cited as the Growing and Preserving Innovation in America Act of 2024 . 2. Repeal of scheduled reduction in the deduction for foreign-derived intangible income (a) In general Section 250(a)(3) of the Internal Revenue Code of 1986 is amended by striking paragraph (1) and all that follows and inserting paragraph (1)(B) shall be applied by substituting 37.5 percent for 50 percent . . (b) Effective date The amendment made by this section shall take effect on the date of the enactment of this Act.