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Bring American Companies Home Act
To allow expensing of amounts paid to move business property from China to the United States, and for other purposes.
Summary
The bill establishes a tax deduction program allowing United States businesses to deduct expenses paid to move inventory, equipment, and supplies from China to the United States in the year the costs are incurred. The deduction is limited to business moving expenses as defined in the Internal Revenue Code and related regulations. The bill creates a trust fund funded with tariffs collected by the United States on goods manufactured in China. Revenue from this China tariff trust fund would be used to offset the reduction in federal tax revenue caused by the new deduction. The program is designed to encourage the relocation of business operations and supplies from China to the United States.
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)
- Rep. Green, Mark E. [R-TN-7] (R-TN)
Actions (2)
- Jan 16, 2025 Referred to the House Committee on Ways and Means. · house
- Jan 16, 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)
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Full text
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.
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 “Bring American Companies Home Act”.
SEC. 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). <all>
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