HR 5795
112th Congress
House
Taxation
Business investment and capital
Income tax deductions
Income tax rates
Manufacturing
Rebuilding American Manufacturing Act of 2012
Introduced: May 17, 2012
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 17, 2012
Referred to the House Committee on Ways and Means.
May 17, 2012
Introduced in House
Plain-English summary
Rebuilding American Manufacturing Act of 2012 - Amends the Internal Revenue Code to allow taxpayers engaged in domestic manufacturing in the United States a tax deduction equal to 43% of the lesser of their domestic manufacturing income or their taxable income for the taxable year (thus effectively reducing their income tax rate from 35% to approximately 20%). Limits the amount of such deduction to 25% of such taxpayer's qualifying domestic investment (defined as the sum of the taxpayer's W-2 wages and certain allowable tax deductions, excluding any amounts not properly allocable to the taxpayer's domestic manufacturing gross receipts).
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1