HR 947
118th Congress
House
Taxation
Bring Entrepreneurial Advancements To Consumers Here In North America Act
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 9, 2023
Referred to the House Committee on Ways and Means.
Feb 9, 2023
Introduced in House
Plain-English summary
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
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1