Bill · H.R. 508· House(119-HR-508)
Bring American Companies Home Act
- Introduced
- 1/16/2025
- Last activity
- 1/16/2025 — Referred to the House Committee on Ways and Means.
- Sponsored by
- Mark Green
- Cosponsors
- None
- Introduced
- In Committee
What this bill would do
The "Bring American Companies Home Act" aims to allow taxpayers to deduct costs associated with moving business property from China to the United States. This includes the movement of inventory, equipment, and supplies used in a trade or business. The Secretary of the Treasury is tasked with establishing a program for these deductions. Regulations will be issued to ensure these amounts are restricted to specific business moving expenses. Additionally, a trust fund will be created to handle the flow of money related to these deductions and China tariffs.
Yes· 3 of 6
Would business owners be better off under this?+6
The bill provides a direct tax deduction for the costs of relocating business assets and equipment.
Does this cut taxes for small businesses?+5
The bill allows businesses to deduct the costs associated with moving inventory, equipment, and supplies from China back to the United States.
Does this make it easier to run a small business?+5
The deduction for business moving expenses provides direct financial relief to companies relocating their property to the U.S.
The opposite
Does this make trade with other countries easier?-2
The bill incentivizes a shift in trade patterns by specifically targeting the movement of goods away from China.
Does this cut the tax on profits from selling investments?-1
The bill focuses on business moving deductions rather than changes to investment profit taxes.
Who it would affect, and how
Potential Positive Impacts for People
-
Tax Deductions for Businesses: Under Section 2(a), United States persons can deduct amounts paid to move inventory, equipment, and supplies from China to the United States. This provides a financial incentive for businesses to relocate their operations or property back to the U.S.
-
Funding via Tariffs: Section 2(c)(2) appropriates amounts to a trust fund equivalent to the tariffs collected by the United States on goods manufactured in China. This ensures there is a specific pool of money designated to offset the revenue reduction caused by the new tax deductions.
Potential Negative Impacts for People
- Restrictions on Expensing: According to Section 2(b), the Secretary of the Treasury will issue regulations that restrict what can be expensed. This limits the deduction specifically to business moving expenses as defined by the Internal Revenue Code of 1986.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Economy And Finance
- Improves Small Business Support+5Reduces Small Business Taxes+5Increases Job Creation+4Improves Economic Growth+3Reduces Capital Gains Tax-1
- Demographic And Interest Groups
- Good For Business Owners+6Good For Urban Residents+1
- National Security And Foreign Policy
- Improves International Trade-2
- 1/16/2025
- Referred to the House Committee on Ways and Means.
- Introduced in House