HR 2534
115th Congress
House
Taxation
Business investment and capital
Income tax deductions
Income tax rates
Manufacturing
Rebuilding American Manufacturing Act of 2017
Introduced: May 18, 2017
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 18, 2017
Referred to the House Committee on Ways and Means.
May 18, 2017
Introduced in House
Plain-English summary
Rebuilding American Manufacturing Act of 2017
This bill amends the Internal Revenue Code to allow taxpayers engaged in domestic manufacturing in the United States a tax deduction equal to 50.5% (43% for C corporations) of the lesser of their domestic manufacturing income or their taxable income for the taxable year (thus effectively reducing their income tax rate to approximately 20%). The bill 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