118th Congress · HOUSE BILLBILL

H.R. 1676 — Bring American Companies Home Act

“To allow expensing of amounts paid to move business property from China to the United States, and for other purposes.”

Taxation

Introduced Mar 21, 2023

Last action Mar 21, 2023

Pipeline · Bill → Law

Step 1

Introduced

Mar 21, 2023

Step 2

Referred

Mar 21, 2023

Ways & Means

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill allows United States persons (i.e., U.S. citizens or residents, partnerships, corporations, estates and trusts) to expense the cost of moving inventory, equipment, and supplies from China to the United States. Expensing is the tax rule that allows a taxpayer to deduct costs in the year in which they are incurred.

Provisions · 2 sectionsIntroduced in House

Timeline · 2 actions

Mar 21, 2023

Introduced in House

Mar 21, 2023

Referred to the House Committee on Ways and Means.