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Growing and Preserving Innovation in America Act of 2025
To amend the Internal Revenue Code of 1986 to repeal the scheduled reduction in the deduction for foreign-derived intangible income.
Summary
This bill amends the Internal Revenue Code to modify the deduction for foreign-derived intangible income, which is a tax benefit for corporations with income from intellectual property and services used outside the United States. The bill changes how the deduction is calculated by replacing a 50 percent figure with 37.5 percent in the relevant tax code section. This modification takes effect upon the bill's enactment and affects how corporations compute their tax deductions for certain types of foreign income.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
7 cosponsors
Money behind the sponsor
Top reported contributors to Randy Feenstra’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- NULL $38,384
- MARQUIS MANAGEMENT INC. $21,800
- BGR GROUP $15,800
- DOLL DISTRIBUTING $13,700
- FRONTIER BANK $13,450
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Randy Feenstra → · Outside spending →
Actions (2)
- Feb 6, 2025 Referred to the House Committee on Ways and Means. · house
- Feb 6, 2025 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (1)
Bills are re-published as they move (Introduced → Reported → Engrossed → Enrolled …). Each stage below is a separate text; pick two to see what changed. Data from Congress.gov.
Full text
IN THE HOUSE OF REPRESENTATIVES
February 6, 2025
Mr. Feenstra (for himself 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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Growing and Preserving Innovation in America Act of 2025”.
SEC. 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. <all>
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