HR 5649 117th Congress House Taxation

Bring Entrepreneurial Advancements To Consumers Here In North America Act

Introduced: October 20, 2021 Introduced by: Roy, Chip Republican · Texas See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Oct 20, 2021

Referred to the House Committee on Ways and Means.

Oct 20, 2021

Introduced in House

Plain-English summary Congressional Research Service

Bring Entrepreneurial Advancements To Consumers Here In North America Act

This bill provides tax incentives for relocating manufacturing facilities in the United States.

Specifically, it allows accelerated depreciation (20-year recovery period) for nonresidential real property acquired in connection with the relocation of manufacturing facilities in the United States. It also excludes from gross income, for income tax purposes, gain on the sale or exchange of such relocated facilities.

Finally, the bill allows permanent 100% expensing of manufacturing property relocated in the United States.

What's happening now October 20, 2021

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1