Skip to main content
CivicGate

HR 1062
Introduced Re-checks Congress.gov for new actions and updates the bill's status, and fills in any sponsors, committees, or related bills that are missing. It does not re-pull sponsors/cosponsors/committees/related — those rarely change — and it skips all work if nothing has changed upstream, so it's cheap to click.

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.

Introduced Feb 6, 2025

Latest action (Feb 6, 2025) Referred to the House Committee on Ways and Means.

Referred to
Ways and Means Committee
Policy area
Taxation
Issues
Economy & Taxes

Summary
  • Repeals a scheduled reduction in the federal tax deduction for foreign-derived intangible income (income that U.S. companies earn from intellectual property and similar assets used internationally).
  • Amends the deduction calculation to use a 37.5 percent threshold instead of allowing the scheduled reduction to take effect.
  • Takes effect immediately upon enactment.

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.

  • Employer not reported $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)
  1. Feb 6, 2025 Referred to the House Committee on Ways and Means. · house
  2. 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.

  • HR 1990 — American Innovation and R&D Competitiveness Act of 2025 · Introduced Mar 10, 2025 · Cong. 119 78%
  • HR 110 — Small Business Prosperity Act of 2025 · Introduced Jan 3, 2025 · Cong. 119 76%
  • HR 2802 — Tax Relief from Tariffs and High Costs Act · Introduced Apr 9, 2025 · Cong. 119 72%
  • HR 464 — Skills Investment Act of 2025 · Introduced Jan 15, 2025 · Cong. 119 72%
  • HR 1707 — Grown in America Act of 2025 · Introduced Feb 27, 2025 · Cong. 119 70%
  • HR 2941 — Historic Tax Credit Growth and Opportunity Act of 2025 · Introduced Apr 17, 2025 · Cong. 119 69%

Text versions (1)
  • Introduced in House · Feb 6, 2025

Only one text version is on file, so there’s no earlier version to compare against yet.

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>

Comments

Comments

Loading comments…