Bring American Companies Home Act

Bill: 119-hr-508
Sponsor: full_name: Rep. Green, Mark E. [R-TN-7]
Introduced: 2025-01-16
Policy area: Taxation
Latest action: action_date: 2025-01-16
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2025-01-16
action_desc: Introduced in House
text: <p><strong>Bring American Companies Home Act </strong></p><p>This bill requires the Department of the Treasury to establish a program and regulations allowing U.S. persons (U.S. citizens or residents, domestic partnerships or corporations, or estates and trusts) to deduct in the tax year incurred costs of moving inventory, equipment, and supplies used in a trade or business from China to the United States.</p><p>The bill also</p><ul><li>establishes a trust fund and appropriates to such fund tariff amounts collected by the United States on goods manufactured in China,</li><li>appropriates from such trust fund to the general fund of the Treasury amounts equivalent to the reduction in revenue resulting from the tax deduction, and</li><li>requires amounts to be transferred between funds at least monthly.<em></em></li></ul>

tv_txt: I 119th CONGRESS 1st Session H. R. 508 IN THE HOUSE OF REPRESENTATIVES January 16, 2025 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. Short title This Act may be cited as the Bring American Companies Home Act . 2. 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).